Financial Crisis

Nobody quite knew how much trouble we were getting into with our fantasy that Financial Markets that are free are also unregulated. Now Iceland and Ireland are succumbing to a wave of global proportions. The wave of zombie banks will not recede until the Recession becomes a severe Depression in those two tiny nations. It is likely that damage will spread far beyond their borders. If they are the canaries we are the miners in this scenario.

There are a lot of debates going on around the nation and the world related to the financial crisis or crises if you would have it so. The world is debating everything about this mess from how it was caused to how to end it. The debate is couched in simple terms and rare jargon complete with complex equations. All of this may be necessary but it is also mostly useless.