Quote of the Day

"Things continue to fall apart."

Paul Krugman in his Monday morning edition of Apocalypse Now.  

Incidentially, the Telegraph ran a story yesterday with a similar message, including this little precious nugget:   

"Western European banks hold almost all the exposure to the emerging market bubble, now busting with spectacular effect.  They account for three-quarters of the total $4.7 trillion £2.96 trillion) in cross-border bank loans to Eastern Europe, Latin America and emerging Asia extended during the global credit boom – a sum that vastly exceeds the scale of both the US sub-prime and Alt-A debacles."

Ouch.