Are you all ready???
Here we go then. Having created about $1Trn of vapour money appear and passed it off to the rest of us as the real thing, the Americans (both the bankers and the millions of them who borrowed money they knew they couldn't repay) have now decided that they don't want to sort their own mess out but would rather watch it all crash down around their ears. Those who think that all banks are evil and that we would be better off without them are about to get your dearest wish. The rest of us may be about to see exactly what it would have been like to live in the 1930s.
Hopefully they will work out a solution. Hopefully it will involve nailing the people who ran those American banks to the floor. Hopefully, and this is the bit that isn't so politically correct, it will also clobber an American public who have spent the years since 9/11 borrowing money without it ever once occuring to them that it may need to be repaid one day.
Unfortunately, the rest of us are going to get it in the neck whilst they do so. Hold on.....
Hopefully they will work out a solution. Hopefully it will involve nailing the people who ran those American banks to the floor. Hopefully, and this is the bit that isn't so politically correct, it will also clobber an American public who have spent the years since 9/11 borrowing money without it ever once occuring to them that it may need to be repaid one day.
Unfortunately, the rest of us are going to get it in the neck whilst they do so. Hold on.....