Bad news after bad news, nothing seems stopping the global financial system from sliding further. World leaders are scrambling to prevent their country's financial system from a total collapse due to the US Financial Crisis.
The global market has not seen anything this bad since the last Great Depression in 1929. With the advancement of technology and global unity, a Great Depression may be avoided with a unison effort. Governments are pouring out huge amounts of money to secure their banking system so that it will not collapse.
The problem started from the US Financial Crisis (and sub-prime) which was a huge failure of the administration who has neglected their financial system right from the start. Should they be attentive of the on-goings (instead of war), the situation wouldn't have arise today. However, this gives test to how best problems can be overcome when all are united to fight it.
If the crisis is not overcome soon, it may result in a potential Great Depression. The signs today are similar to that of 1929, i.e Global recession and collapse of stock, etc.
http://www.channelnewsasia.com/stories/afp_world_business/view/384720/1/.html
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