>The first is that events this week, especially the spread of the
credit
>crisis to Europe, have already passed the measure by, and we're
heading
>towards the formation of a multi-trillion international rescue fund or
funds
>established by the EU and US with the support of the Asian and Mideast
>central banks.
There will be no EU-rescue fund. Not only the german government strongly rejects this idea, wich would neutralize a core element of the European Currency Union architecture, that there will be "no bail out" of other governments in the Eurozone. And such fund is essentially about bailing out other countries.
And there is even less backing for the idea of an international rescue fund. It is stil the, may be not fully justified idea, that this is an US-produced financial turmoil, and the US should pay the price: the bail out is seen this way.
Only in the case when the european core countries are not longer able to contain the crisis, they would have to change their course. The recent decision of the ECB - no rate cut - and the containment of the HypoRealEstate failure with public guaranties, but private money first, show, that the elites see no upcoming need to do so.
That's why I see the rest of the first scenario (nationalization and so on) as quite unlikely. And the question of the prospects of real accumulation in different areas of the world=2 0needs more examination and, more than a view on the financial and credit issues only.
Sebastian
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