This blog has frequently drawn attention to the fragility of our global and national financial systems. Indeed, to our knowledge, we were the first to anticipate the global crisis of 2008 as a perfect storm.
It is with mixed feelings that we discover mainstream opinion supporting our view. In the BBC's Newsnight programme, Robert J Shapiro, economic adviser to the IMF, says, if we do not solve the present crisis,
'... within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere...'.
The consequence of this is that there will be no cash in cash machines and credit cards won't work. Think about it.
Posted by Nicholas Moore 10:47:33 PM