Casualties of the Financial Crisis

Thursday, October 02, 2008 | 11:30 AM

Great graphic depicting the size of various bailouts around the globe, from 2007-08:

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click for ginormous graphic

1001bizwebglobal

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Excerpt:

"Barely a week after Europeans rebuffed American pleas to join in their bailout of the banking system, Europe now faces a financial crisis almost as grave as that in the United States — demonstrating how swiftly this contagion is spreading around the world.

In the last two days, governments from London to Berlin have seized or bailed out five faltering banks. In Ireland, where rumors of panicked withdrawals from banks spooked the stock market, the government has offered a two-year blanket guarantee on all deposits and bank debt.

Asia has been less buffeted by the turmoil, though a brief run on a bank in Hong Kong last week brought back dark memories of June 1997, when speculation against the Thai currency sparked a financial crisis that fanned rapidly across Asia, and later to Brazil and Russia.

Economists see a parallel between these two crises a decade apart: once creditors panic and begin to pull out their holdings, the underlying health of banks — or entire countries — no longer matters a great deal. In a global financial system, national borders are porous."

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Source:
The U.S. Financial Crisis Is Spreading to Europe 
MARK LANDLER
NYT, September 30, 2008
http://www.nytimes.com/2008/10/01/business/worldbusiness/01global.html

Thursday, October 02, 2008 | 11:30 AM | Permalink | Comments (34) | TrackBack (0)
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Comments

In that vein, that borders no longer matter in this banking crisis.....it seems to me in the deflationary times that are to come (IMO)...that currencies "values" could change as countries battle with the ongoing economic crisis...

e.g. Russia, today news is that oil output keeps falling...will Russia be tempted to try something in the next 12 months that would debase the ruble?...and if you bought instruments denominated in the ruble, might your money be on fire once again...

just wondering...

Posted by: Bruce in Tennessee | Oct 2, 2008 11:42:53 AM

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