From LewRockwell.com:
Sometimes, a bailout is not enough.
When Dubai World black swanned global investors last month with what amounts to be a reported $80 billion in debt liabilities, it sent shivers down the spine of many a financial manager and stock trader. For those who were paying attention, Dubai’s troubled assets were no surprise, it was simply a matter of time. Oft repeated by contrarian analysts and investors like Dr. Doom Marc Faber, Gerald Celente, Jim Rogers, and Karl Denninger, the mathematical certainty of the economic crisis would play out – eventually.
It was a year ago that the entire global financial system, spear headed by the USA, faced the real possibility of...
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