Make no mistakes about it, the world's financial system is in some real trouble. Big trouble. All we are told is not all, and much is being "hedged" or "hidden" by hope and hype.
Helped by surging oil prices and earnings, suppressed by surging "other" economies (read East, et al), the West is in some - at least banking - straits.
The USA's uncontrolled (perhaps uncontrollable) spendings on the so-called war on terror, led by huge costs in Iraq and Afghanistan as well as mind-boggling misspendings at home (read the GOA's reports), are subsumed under the historical toga of "da world's largest economy" to fuel mega-huge foreign borrowings.
Because of the unprecedented embarrassingly humongous foreign reserves of several sovereign states and corporates, the global system seems so elastic to accommodate the seeping scandals now masquerading as "write-offs" and "charge-taking".
Oh yes, heads are rolling alright, but what else do we know will roil...and roll? Plenty.
When da chickens start coming home to roost - as the sun sets on subsisting political careers - and the political batons prove to be poisoned chalices, more shocking things will happen, alas!
21 Months.
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