Opinion: Inside The World Credit Crisis, How Long Before The Camel’s Back Breaks

How far away is the U.S. from taking the economical crisis to a panic level in the streets? As Wall Street tumbles further, the rhetoric from the candidates gets more hostile and Bush promising everything is A-Okay. But people are stressing more.

How much more stress will cause the camel’s back to snap?

Let’s face it folks the situation in the United States is getting pretty scary. When political rallies have the crowds screaming for the death of the other candidate the powder keg is about to explode.

This morning George Bush is telling Americans to remain “confident” in spite of the fact the entire world is now in a credit crisis.

“Fellow citizens: We can solve this crisis — and we will,” he promised in an eight-minute speech in the White House Rose Garden. “The American people can be confident in our economic future.”

Yahoo reports both of the candidates echoing the same statement:

“Now is not the time for fear or panic, but for all of us to come together with resolve and determination that we can steer ourselves out of this crisis,” Obama, an Illinois senator, said in a statement issued last night.

“We have to get this economy turned around and we have to get it turned around immediately,” McCain, a senator from Arizona, said at a campaign event yesterday in Wisconsin.

As the stock exchanges around the world slide lower and lower finance ministers and central bankers from United States, Germany, Japan, France, Britain, Italy and Canada are meeting.

They hope to calm the stormy waters and the people they represent who are fearing the worse.

Yahoo reports:

Marc Chandler, analyst at Brown Brothers Harriman, said despite the grim outlook, the G7 still has some options to help calm the storm.

“We are hesitant to spread rumors, but there is increasing speculation that the G7 meeting could take another major step and that is to guarantee all interbank lending,” he said.

“This talk is having a demonstrable impact on the interest rate markets. It is difficult to evaluate the likelihood, but it is important to note that officials generally recognize that current measures are not yet sufficient to turn the corner of the crisis.”

If something doesn’t change soon the world as we know it is a goner. What will replace it is the likes of science fiction novels. Martial law, riots in the streets, children in developed countries begging for a piece of bread.

Welcome to the 21st Century.


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