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The NIKKEI closed down 10%, and the FTSE is down 8%. The US and UK governments are working on a massive new bailout plan that might include:
Temporary guarantee of all bank deposits
Guarantee of all interbank lending
Capital injections into banks.
These are some of the critical recommendations put forth by many economists, including Nouriel Roubini and Paul Krugman. (Another is major new fiscal spending--a new New Deal).
Originally posted by savetimerushonline
All I can say is we are on the brink of WW3... I can see this crisis getting extremely ugly as countrys default on loans from other countries, and then one of them declares war on the other..