That Iceland and Pakistan are on the verge of economic failure, is well known. What is not out much as yet is that there are three more countries which are also on that point:
There are mounting fears that Ukraine, Kazakhstan and Argentina could now slide into a downward spiral towards bankruptcy, while western banks exposed to the property bubble across Eastern Europe have seen their share price crushed.
Yesterday, US Government announced that it will buy stock in country’s Financial Institutions. It is a nice way of saying they are being nationalized. If US Government has decided to nationalise its engine of innovation, then one thing is certain that it must have had the most unacceptable alternative – of HISTORICAL proportions! This is the first time in the history of US that its very foundational principles have been done away with…. and without any opposition! If someone had told me of this event – just a year back I would have laughed off!
Folks, we are in historical times. Be patient and be sensible.