In this column last month, I talked about the nightmarish possibility of a global financial crash. Well, a month is a long time in economics, and the nightmare has well and truly become reality.
Share prices have fallen dramatically everywhere and show every sign that more of the same is just around the corner.
As for the subprime loan securitization issue that triggered the credit crisis, things just seem to go from scary to hair-raising. The ripple effects are even spreading to the "monoline" insurers who guarantee payments on those structured financial products.