You will remember that it was a year ago when the first body blow of the credit crisis landed. Reasonable people were not surprised, and in this space, we explored the notion of systemic risk and debt that lurked in the recesses of the market not reflected on any exchange.
Coincidentally, I was organizing some reading material in my bedroom when I came across a page from The Economist dated 08.18.. Here's what I highlighted:
Because this crisis taps so deeply into the newly devised structures of finance, anyone who says the worse is definitely over is either a fools or someone with a position to protect.