You Are There
To paraphrase the late George C. Scott's portrayal of General George Patton:
"Thirty years from now, when you have your grandchildren on your knee, and they ask you 'What was it like when the entire Western world's economies collapsed like dominos?', you'll be able to say, 'It made a lot less noise when it first crashed, compared to the aftermath. That part was really bad.'"
Read the following stories and ask yourself if there is likely a happy ending to these tales:
Der Spiegel: World Faces New Wave of Currency Wars
Denninger: Don't Listen To Me; Listen To The Legal Experts
Denninger: Chris Whalen Predicts Death Of The Fed - And The Banks
Global Guerrillas: Financial Meltdown 2011?
Key question from the GG story above:
What if nearly all of the mortgages that were securitized (mortgage loans that were bundled and sold as securities) over the last decade are actually unsecured or worthless paper?
And no, Virginia, there is no Santa Claus who's going to come and make it all better.
And it is not going to be over anytime soon.
UPDATE 0845 EDT 13 OCT 2010: By popular demand, this creature will make it all better, starting tomorrow: