Each day, you sort of think that it can't get any worse and then it does. Today brings more evidence that the global economy hasn't reached bottom. If there was any doubt that the party was over, it's gone now.
DOW TANKS- Wall Stree takes a beating as the Dow falls nearly 700 points and the Standards and Poor 500 is off 40% from it's peak last year.
US TREASURY WARNS OF MORE BANK FAILURES- And this surprises who?
ICELAND COLLAPSES- Iceland seized control of the last bank and stopped trading in a last ditch effort to keep the country from ceasing to exist. To give you an idea of how bad it is there, the banking system has $61 billion in liabilities or $200,000 per resident. Sounds nice, doesn't it?
JAPAN AND HONG KONG TANK- Asian stocks are opening to huge, huge losses.
PAKISTAN FACES BANKRUPTCY- If only they didn't have a rather large arsenal of nuclear bombs.
The list could go on and on forever but I think you get the picture. If there is any kind of silver lining, it's that the price of a barrel of oil continues to fall. As the global economy continues to contract, demand for oil will collapse and prices will continue to fall, thus delaying, ever so slightly, the real impacts of peak oil.