There is a segment of the population,confronted with a mountain of evidence,who will deny a reality till the end.I don't make the news,just report it.
The signals are being telegraphed by various means,here's another(hmmm,wasn't that London CNBC talking about the "Amero")
Tuesday Sep 4 2007
All times are London time.
Credit turmoil ‘has hallmarks of bank run’
By Krishna Guha in Jackson Hole
Published: September 2 2007 20:18 | Last updated: September 2 2007 21:16
The current turmoil in the financial markets has all the characteristics of a classic banking crisis, but one that is taking place outside the traditional banking sector, Axel Weber, president of the Bundesbank, said at the weekend.
“What we are seeing is basically what we see underlying all banking crises,” said Mr Weber, one of the most influential members of the governing council of the European Central Bank.
The comments mark the first time that a top central banker has endorsed the notion that the non-bank financial system is seeing an old-style bank run.
Some Federal Reserve policymakers also privately see comparisons between the current distress in credit markets and the bank runs of the 19th century, in which savers lost confidence in banks and demanded their money back, creating a spiralling liquidity crisis for institutions that had invested this money in longer-term assets.
That scenario ultimately led to the creation of the US Federal Reserve and other central banks as lenders of last resort for the banking system.