Some keen insight from a Brit economist [Liam Halligan] (and a
shot of cold p**s to the heart).

=========
snip
What the world now needs is stability. That will stem from
governments standing behind massively over-exposed Western banks
while more collapse, others prevail, and the system is
reconfigured. That requires deep, deep reserves – and, after
decades of profligacy, the Western coffers look bare.

==For all its posturing, the G7 has only 20 per cent of the
world’s currency reserves. Four emerging markets – Brazil,
Russia, India and China – account for 40 per cent. And then
there’s the Middle East.==
snip
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for complete article click on
http://www.telegraph.co.uk/finance/c...sub-prime.html

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).