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As it stands, there are no options.
Either there's forgiveness of debts, the rest of the world decides to hold sterling together, or the UK, its banks and then the rest of the financial world implode.
Even if the IMF still had that role, it doesn't have the means to prop up Sterling in its current malaise.
The US govt, the ultimate 'owner' of the IMF, has its own problems... The banking equities have fallen an awful long way today... Roubini has upped his losses estimates to almost $4trillion (up from around $1.4trillion).
Roubini has called every stage of this crisis correctly since 2006.
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
Last edited by tisonlyi; 01-20-2009 at 02:56 PM..
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