If the US doesn't bail out its banks this weekend we'll be in the biggest global financial crisis we've ever seen. Banks are already falling over, but so far the consequences have been contained. With no package that won't be possible. Already the banks won't lend to each other. If they won't pay each other, which is the next step, then the economy quite literally stops.

I admit I'm worried, very worried. I rarely lose sleep. I didn't last night. But I woke up early. This is what I'd be doing right now:

1) Printing vast amounts of money. We really might need it. Runs on banks get worse when there is no cash to make settlement.

2) Holding talks on creation of a government of national unity. We might need it. If the banking system fails we'll have a crisis as bad as a serious war.

3) Planning to suspend stock and secondary markets. They will not help in the current scenario.

4) Preparing emergency powers to control food, water and power supplies. If non-payment becomes an issue these could fail very fast.

5) Preparing to mobilise reserves to maintain law and order. When people are hungry or frightened they act irrationally.

6) Seeking combined German / French / UK and maybe Italian cooperation to bail out banks in places like Belgium, Denmark and maybe the Netherlands where they could not do it themselves. The EU is going to have to act, and if it can't, it's leading members will need to do so instead.

7) Preparing to suspend the claim of all offshore companies on banks, even if intra-group. The liabilities of these banks are in mainstream countries. The assets are offshore. Their claim on our states can be broken in this way.

I could probably add to the list after breakfast. That will do for starters.

Of course, none of this may be needed.

But it would be wholly irresponsible to ignore the possibility.

We won't know if it is happening. I hope it is. I think it that serious.