More

Global Financial Crisis: 'Our System Has Become A Madhouse'

First Posted: 08/06/11 09:39 PM ET Updated: 10/06/11 06:12 AM ET

Amazing
 Inspiring
 Funny
 Scary
 Hot
 Crazy
 Important
 Weird
Financial Crisis
What we have witnessed is a mass global flight from risk and an accompanying hoarding of cash on a huge scale.

The Guardian:

What we have witnessed is a mass global flight from risk and an accompanying hoarding of cash on a huge scale. It was the worst week in the financial markets since the dark days of autumn 2008 at the height of the implosion of the western banking system – itself one of the worst periods since the early 1930s. But in important respects this week was worse. At least in 2008, governments could put their national balance sheets behind their respective banking systems to restore confidence. Now the fears are more deep-seated and far harder to counter.

Read the whole story: The Guardian

FOLLOW HUFFPOST CANADA BUSINESS

What we have witnessed is a mass global flight from risk and an accompanying hoarding of cash on a huge scale. It was the worst week in the financial markets since the dark days of autumn 2008 at the ...
What we have witnessed is a mass global flight from risk and an accompanying hoarding of cash on a huge scale. It was the worst week in the financial markets since the dark days of autumn 2008 at the ...
Filed by Daniel Tencer  | 
 
 
  • Comments
  • 1
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
quietfortoolong2
Consumers: the REAL job creators!!
639 Fans
10:14 PM on 08/06/2011
If the rich are going to hoard cash and keep financial systems from enabling opportunity and growth for the rest of us, it's time to do what people in the 1930's knew without question: RAISE TAXES ON THE HOARDERS. We are all in this together. It will do the rich no good to have all the money in the world if they're the last man standing, because, guess what, money doesn't buy jack when there's nobody around to provide it to you.
Permalink  |