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As the economy goes cliff diving, the effects are being felt around the world.

From NY Times:

In its new report, prepared for a meeting next week of finance ministers from the 20 industrialized and large developing countries, the World Bank warned that the financial disruptions are all but certain to overwhelm the ability of institutions like it and the International Monetary Fund to provide a buffer.

Robert B. Zoellick, president of the World Bank, pleaded for wealthy governments to create a “vulnerability fund” and to set aside a fraction of what they spend on stimulating their own economies to help others.

“This global crisis needs a global solution and preventing an economic catastrophe in developing countries is important for global efforts to overcome this crisis,” Mr. Zoellick said in a statement. “We need investments in safety nets, infrastructure, and small and medium-size companies to create jobs and to avoid social and political unrest.”

This isn’t ending any time soon.

  • Snoop-Diggity-DANG-Dawg

    Yup, and it all yours, Mr. Obama. Welcome to your legacy.

  • Trescml

    This has been going on for some time around the world and particularly in developing countries it is going to be worse for some time to come. The IMF is going to need some serious bucks. The EU seems to be on board with that but we will have to see how it goes over with the Group of 20 later this week.

  • Snoop-Diggity-DANG-Dawg

    Hey, look! The Dow’s down another 100 points!

    Rush Limbaugh! Rush Limbaugh!

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  • TerenceC

    I’m not sure I understand where you’re going with your comments Snoopy. Are you suggesting that the US government is responsible for a global financial catastrophe – but only since January 21, 2009 – 7 weeks is when it all began? That doesn’t strike you as purely crazy – devoid of reason and fact?

  • http://sidewaysmencken.blogspot michael reynolds

    Terence:
    Snoop doesn’t “suggest.” He runs around in circles throwing scat in the air. It’s classic primate behavior.

  • Snoop-Diggity-DANG-Dawg

    Are you suggesting that the US government is responsible for a global financial catastrophe – but only since January 21, 2009 – 7 weeks is when it all began?

    Indeed I am, Terence. There’s this thing called the Fed. They’ve been pumping trillions of fake money into the economy for the last 35+ years, undermingin our curreny.

    So, “no”, it’s not just since 20 January, 2009. You can keep the paranoid fantasy, though.