A month ago the International Monetary Fund was charged by the G20 finance ministers with finding out precisely how the balance sheets of the world's major banks would look if they were to get back to lending again at more or less the rate they were in the pre-crisis days. Today the Fund delivered its verdict and it is both clear and terrifying. This crisis is far from over and it is systemic. It is the consequence not of a simple one-nation housing crash or a consumer slowdown but a catastrophic collapse of the financial system. This together with global warming, peak oil and depletion of resources and water is summing up to create a perfect storm! Let us brace ourselves!
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