If the credit crisis goes on long enough, of course, at some point one of these institutions is bound to. I see a lot of candidates queuing up behind Lehman. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Now, sure, the US dollar could meltdown, so for youse furriners enough rescues of failed US financial institutions could look in the portfolio to be the next thing to failing, but for those obligations in US dollars, the monopoly issuer of vertical US dollars can always bail them out if it decides to do so, whether they are horizontal issuers of US dollars or pure intermediaries. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
