International Financial Meltdown

Are you depressed yet? Do you somehow think that these stopgap measures are going to solve the essential problem facing international markets? It won't.

The essential problem is a lack of trust in the value of securities. That failure of trust is based on the perception of corruption in those markets. It is also based on the perception that securities markets have been flying too high with these weird new financial instruments that no one can understand.

All of Wall Street has been on a money drunk. Now comes the hangover.

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