The US Financial Market goes into meltdown.
Am I the only one who sees the irony in the fact that we've got all these banking institutions going broke? The banks are supposed to be repositories that hold pretty much all of the world's wealth, yet they're all in debt? To each other? Where does all the money actually go?
It just strikes me as an exercise is moving numbers from one spreadsheet to another (something I know rather a lot about, considering it's my job in the management reporting team I'm part of). None of this money actually seems to exist - it's all credit being shifted around from one column in some database to another, and now, finally, the system is beginning to collapse under its own weight. The whole financial market has spent the last few years making money by simply creating products that shift risk around the system from one institution to another in a recursive loop, with the risks and liabilities getting larger and larger, which was fine while the proles can keep taking out credit and spend like good little consumers, but the minute things start to get squiffy, OHMYGODITSDISASTER.
Isn't it amazing, how we trumpet capitalist democracy as the ideal economic and government model for the entire world, when events show it to be so incredibly fragile that the merest sign of market instability causes the entire system to shake apart. Of course, some clever dick dealers (fucking rapacious, opportunist sharks that they are) will just use this as an opportunity to prey on the weaknesses of the vulnerable institutions and make money from the fire sales as the companies going under sell off their remaining assets. Greed is good? For years it was the motto of the world financial system. Now, it doesn't look so clever from where I'm sitting...