Why do I bring this up? Only because I read this article from The Spectator and the essence of what it says seems frighteningly possible to me. Jonathan Ruffer's column could have been titled, "The Worst Is Yet To Come".
The Americans allowed a depression to develop in the 1930s because they were afraid of the consequences of losing the principles of sound money. In an effort to avoid a re-run of the 1930s, the Western world is imposing the opposite, equally unbalanced and intemperate solution. We might thereby avoid a depression — but the bad stuff which follows currency compromise will crash down upon us with great vigour. This is the one and only one, and probably last, shock that the credit crunch has yet to impose on a still unsuspecting world.
