September 22, 2011

WALTER RUSSELL MEAD: PANIC? “That’s what we’ve been seeing on world markets since Thursday trading began in Asia; this morning it hit the US with the kind of sickening thud we remember too well from 2008. Amid the general hurricane of bad economic news a few things stand out. . . . I think the odds still favor outcomes well short of catastrophic and worst case scenarios — but the global economy is now in the catastrophe zone where speculation about such scenarios is no longer science fiction but becomes part of prudent planning.”

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