Here's a short interview with Nobel Peace Prize winner Mohammed Yunus, on the economic situation. He characterizes today's capitalism as having "degenerated in a casino" and otherwise explains (with more authority than i can claim) why insolvency has run rampant.
EuroZone country leaders have agreed on a plan to protect their own banking system (and currency), mainly by underwriting banks' debts. Of course, here in Europe you won't find many people screaming about how governments are sliding down that thin slope to socialism... especially here in Mitteleurope, where people are still reeling from all the security lost when freedom from authoritarianism became a package deal that included casino capitalism (yes, we do like that term).
Following their decision, perennially overwrought Gordon Brown had this to say: "The most precious asset which we have lost is confidence.... It is something we will restore through coordinated intervention ... In the medium term we've got to rebuild the international financial system." Shall we try to guess who the EU leaders are hoping win the US election? Probably not the guy who still believes that wars are good for the economy.
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