"The fundamental problem is that the monetary systems of the modern world are all designed on the Wile E. Coyote principle. As long as you never look down, the system works."

I have used this analogy several times recently. Good to see it here.

http://www.youtube.com/watch?v=L6fhxL_Njyg

Paul Murphy and the Destroyers have another answer to the question, but localised to the original crash.

What I want to know is: does anyone rate the rating agencies? We now have a situation where some geezers in NY can issue a 'rating' on a whole country and cause that country extreme difficulty.