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Power has tangibly shifted - away from the United States and the Western world generally, and towards the fast-growing giants of the East. That's been happening for some years now.
But September 2008 marks the moment when the scale of our excesses, the extent of our debts and the moral bankruptcy of our financial regulatory system finally began to be truly exposed.
I say began to be exposed. Back in March, Standard and Poor's, the US ratings agency, estimated some $285bn (£156bn) of mortgage-backed securities would eventually be written-off by the global banking sector. On Friday, almost unnoticed amid the panic, that forecast was upped to $378bn.
Originally posted by tsEnigma
I'm afraid there are some who are hoping for it
Originally posted by Sheridan
The best is, do you know what will come after a great financial meltdown? Back to the peaceful 50s, where everyone is started their life again and almost everyone was equal again. But I hope we will learn from our mistakes this time.