Money Meltdown

Historical Preenactment Society T-ShirtWorld stock markets have plunged after government bank bail-outs in the US and Europe failed to stem fears of slower global economic growth.

London’s key UK share index lost 7.85% – its biggest percentage fall since 1987.

Paris Cac-40 suffered its largest fall on record.

The Dow Jones fell below 10,000 points for the first time since 2004.

The BBC Business Editor says it’s the “the messy response of the authorities that’s to blame.”

Founder of Quadrangle investment firm, Steven Rattner points to the NYT series The Reckoning as “amongst the best stuff I’ve read on the meltdown situation. They shed important light on how we got into this mess without a lot of the hyperbole, hyperventilating and simply wrong headed notions that have diminished much of the coverage of this.

The Money Meltdown is a comprehensive site with ‘everything you need to know about the global money crisis‘ – simple articles as well as extensive analysis of previous banking crises.

International Monetary Fund economists give a dry but surprisingly readable comparison of the current banking crisis to 42 previous crises, including an overview of past government interventions and their effects.

Pope Benedict XVI says. “The global financial crisis is proof that the pursuit of money and success is pointless.”

Perhaps the frivolous pursuit of wealth – ‘they bought things they didn’t need with money they didn’t have to impress people they didn’t like’ – but our prosperity is important, our path to a peaceful world, a sustained earth.

One day we’ll grab our government and our enterprise until it behaves.