It won’t be the same again

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It can't be after stories like this from the FT:

The panic in world credit markets reached historic intensity on Wednesday, prompting a flight to safety of the kind not seen since the second world war.

Barometers of financial stress hit record peaks across the world. Yields on short-term US Treasuries hit their lowest level since the London Blitz, while gold had its biggest one-day gain ever in dollar terms. Lending between banks, in effect, stopped.

The current financial amrket system is dead.

It doesn't work.

Now there's some serious work to do reforming it.