We're on "The Edge of The Abyss"

French Premier Francois Fillon: We're on "The Edge of The Abyss"

By Mike Whitney

People are scared and removing their money from the banks and money markets which is intensifying the freeze in the credit markets and driving stocks into the ground like a tent stake. Meanwhile, our leaders are "caught in the headlights", still believing they can "finesse" their way through the biggest economic cataclysm since the Great Depression. It's madness.

//www.informationclearinghouse.info/article20954.htm



Down the Road to Serfdom

By Ann Berg

So here we are: a phony monetary system, $3 trillion wasted on wars, and a citizenry mired in debt. And what does Congress do? It adds more debt - a trillion dollars, just for starters, since once starting down this slippery slope, it won't be able to stop.

//www.informationclearinghouse.info/article20952.htm



It's a Worldwide Crash

By Jim Cramer

We know the truth now. The Fed has been put out to pasture, a victim of being theoretical, not practical, an organization that simply didn't take seriously those of us who warned them in person and on TV.

//www.informationclearinghouse.info/article20951.htm



The End of American Hegemony

By Paul Craig Roberts

Bush's wars and economic policies are destroying the basis of the US dollar as reserve currency. The day the dollar loses its reserve currency role, the US government cannot pay its bills in its own currency. The result will be a dramatic reduction in US living standards.

//www.informationclearinghouse.info/article20955.htm



The US Simply Doesn't Get It

By Robert Fisk

Biden and Palin hid like rabbits from the centre of the Middle East earthquake.
//www.informationclearinghouse.info/article20953.htm



Financial crisis: Stock market suffers its worst fall in history

The UK stock market has suffered its worst one-day fall in history as the banking crisis intensified.

//tinyurl.com/3hgp4o



Global markets in meltdown as London and New York shares plunge to four-year low

London shares had £100bn wiped off their value today in the biggest ever fall as the bank crisis swept around the world. The FTSE-100, which had at one point collapsed by 430 points or nearly 9%, closed 391.1 down at 4,589.2.

//tinyurl.com/42antl



Worst-case scenario is approaching rapidly

The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace.

//business.timesonline.co.uk/tol/business/columnists/article4888251.ece



Credit doors are closing

A crucial source of financing for companies and banks is making some ominous grinding sounds. The market for commercial paper, which is high-quality, short-term debt, shrank by a record $95 billion last week, to $1.6 trillion, according to the U.S. Federal Reserve. That's down from nearly $2 trillion before the credit crunch.

//www.iht.com/articles/2008/10/05/business/views06.php



Full of Doubts, U.S. Shoppers Cut Spending

Cowed by the financial crisis, American consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse before it gets better.

//tinyurl.com/48tvgy


From Information Clearing House

--------

Chaotic Day Ends With Stocks off 3.8 Percent

Michael M. Grynbaum, The New York Times: "Panic came to Wall Street on Monday morning, but its stay was brief, at least for one day. The Dow Jones industrials finished more than 360 points lower, dropping below the 10,000 mark for the first time in five years, as markets around the world spiraled downward in the face of a banking crisis that has tightened its grip on the global economy."

//www.truthout.org/100608R



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