Reading between the lines, and thinking outside the box . . .
Iran nukes take Damascus road [Whatever]
Cleric: "US to collapse within 2 decades" [How 'bout 2 months to 2 more equinoxes?!]
German press review
The EU's failure to agree a unified strategy to tackle the financial crisis shows that its leaders don't grasp how serious it is, write German commentators. It's time for politicians to stop blaming the bankers and to realize that at this point, only the state can avert a very dangerous crisis of confidence.
The entire complex of commodities and emerging market stocks, bonds, and currencies is now in free-fall as the economic crisis spreads like brushfire, threatening to draw every corner of the globe into the vortex.
The big exception yesterday was gold, which surged $34 to $864 an ounce on safe-haven buying as the markets came face to face with the unsettling reality that the euro is no healthier than the dollar, and perhaps sicker.
The euro's dramatic slide over the past 2 weeks has for the first time exposed the instability of the twin-pillar system holding up global finance. Investors fear that no one is in charge of Europe's monetary union. "Who is Mr Europe? What is his telephone number? There is no such thing."
The sudden shift in commodity sentiment has led to a massive withdrawal of funds from frontier markets, triggering stock market routs. "Traders are just sitting there staring at the screens and going, 'Wow'."
The oil slide has reached the point where it is setting off a powerful chain reaction through the nexus of global markets. It may soon be unprofitable to divert much of the US crop harvest to biofuels, so futures contracts are rapidly scaling back assumptions.
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