Last Friday, the U.S. federal government took control of the Pasadena, California, based IndyMac Bank, signifying the second-largest bank failure in U.S. history. The largest U.S. mortgage lenders Fannie Mae and Freddie Mac are also in big financial trouble. The third largest U.S. investment bank Merrill Lynch is $10 billion in debt. More than 300 U.S. banks might fail over the next few years. The US. is facing a global crisis to fund its $700 billion (!) account deficit. Especially Europe is upset with America’s irresponsible financial dealings and is locking for alternatives. What DOES the future hold for all of us?
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