From Financial Meltdown to Global Depression?
When policy actions don’t provide relief to market participants, you know that you are one step away from a collapse of the financial system and the corporate sector. Will the recent measures adopted by the US and Europe be enough to ward off a global depression?
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NEW YORK – The rich world’s financial system is headed towards meltdown. Stock markets have been falling most days, money markets and credit markets have shut down as their interest-rate spreads skyrocket, and it is still too early to tell whether the raft of measures adopted by the United States and Europe will stem the bleeding on a sustained basis.