Viewing the world through the wreckage

The world looks a different place to the one it did just six months ago. Then, as the world contempl...

The world looks a different place to the one it did just six months ago. Then, as the world contemplated the wreckage of the Lehman debacle, it appeared the sudden and total collapse of the world financial system had been averted and we might have seen the climatic low. Alas, that was not to be and second-round effects proved much more damaging. When the history of this period comes to be written, much of the blame will attach to the US authorities for allowing a crisis to turn into a disaster. The world has entered into a depression as global trade has effectively ceased - one only has t...