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Jul 02
2008
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Transiting Through Troubled TimesPosted by Darryl Schoon in Untagged   |
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I came through London last year in August shortly after global credit markets suddenly contracted. Last December I was in London again and shortly thereafter in January global markets lost $6 trillion.
Two days ago, I was transiting London on my way to Session IV of Gold Standard University Live in Hungary and the news in the Financial Times corraborated the fact that the current economic downturn is far more dangerous than most admit.
In that day's Financial Times, former US Treasury Lawrence Summers wrote, "..we are in an economic environment where we have more to fear than fear itself".
Summer's statement was a rare admission from an industry insider that more than the financial markets are in disarray--the insiders themselves are now scared. The paper tower of Babel is on fire.
Darryl Robert Schoon
