Wednesday, 22 April 2009

IMF Report Shows True Cost of Banking Crisis

http://news.bbc.co.uk/1/hi/business/8009734.stm

All I'll say is that isn't the end of it. They've had to re-estimate the figures up from $1 trillion a year ago, to $4 trillion now.

If the banking crisis doesn't eventually reach $10 trillion, I'll be very suprised.

There are a number of things that come out of this: (a) The amount of money involved in the credit crunch is huge. (b) The people that are supposed to know whats going on, don't really know. (c) The depression will last longer than anyone predicted. 10 years is looking optimistic. (d) Its about time people stopped acting like they can control this. They can't. Its damage limitation time. (e) Just where did all the money go?

I blogged a year ago that people that should have known, didn't know how deep the banking crisis was. It's aparrent that a year on they still don't know the extent of it. How massive does something have to be if it needs over a year to quantify it?

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