Monday, March 17, 2008

On the brink

When I was a child, I used to visit relatives who lived in Cheshire: their house (almost a small castle --- quite intimidating to me even now!) was on the edge of a steep slope. It was a wonderful, magical place, and at least one novel was written about King Arthur's temporary resting place being nearby.
At that time, and even now, I can walk near an edge. But it scares the bejeepers out of me. If I get close enough, it can paralyze me with fear.
And that is the way I feel looking at the markets with this week about to start: one of the largest investment banks in the US has lost 90+% of its value over a two day period (after an already precipitous loss). The dollar seems poised for a free-fall against other currencies.
Fiscally, this country seems likely to face a massive crisis. And I am not sure that I believe that its current leaders are mature enough to make sure that it will survive relatively unscathed.
It could come in days, it could come in months. It could never come. But I don't want to be the one to set the odds on those outcomes.

Yours, fearful,
N.

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