There will be less credit available to the economy, and it will be dramatically hard for corporate company to borrow than before the credit crunch started to sink in. This is the worse financial crisis since the ending of the First World War, and it will have far reaching consequences.

We have seen the substantial amount of wealth lost as a result of bad management, downgrading the value of housing property by approximately 30 per cent so far, it will come down more yet, the collapse sends a strong long term message to capital management, ending speculation of profitable revival, to all good intense and purpose, the housing market bubble has burst.

In the 1929 great depression, the cause was down to policy error made by the central bank, allowing the money supply to shrink, however in today's market, Fed is taking a more prompt and aggressive attitude towards salvaging something, by the action pump liquidity into the system. Will this save us from the apparent wrath of God to come? I am not sure low interest rates, market stimulation; share speculation is the answer to society's problems.

Other economists suggest some ways of revitalizing our position on the global economy, with interesting solution offering the access debt ridden society, to recover the market share values and bring about some kind of stimulation, the market clearly needs leverage to see the shrinking financial sector recover, but banks have to take the lions share of the blame, because they have undoubtedly, over the past few years acted irresponsibly.

We are in this mess because the banks and lending institution have encouraged excessive behavior with no accountability, every one wanted to profit and have a life of luxury without paying the real price, the boom of house value has drastically declined, stemming from Fed low policy rates, and many people hold to the idea that the quicker the overprice house falls back to common affordability, then the sooner the market will recover.

Economically this will be the worst US recession in decades, which affects not just sub prime mortgage crisis, but is possibly a prime breakdown in the complete financial system that we have come to trust, which has not been regulated and properly, and the eventual outcome will imply greater credit losses, possibly up to $2bn.

While the credit crunch swaps different markets, nominal protection is sitting on top of outstanding stock of paltry $6 trillion bonds. The counter part will inevitably lead to a systematic breakdown, where hundreds of banks and lending institution with large exposure real estate will go into liquidation and cease to operate. Federal deposit Insurance Corporation sooner or later will run out of cash, this is the beginning of recession and the end of easy money.

Equity share prices will fall alarmingly 50 per cent relative to their peak, we are not yet feeling the full impact of the global meltdown, but all the global economies are entering the conscious mode of recession, signaling the beginning of the end.

First up was Harald versus Harold. As the september leaves fell, Hardrada was killed and Goldwissen won the battle. Of course, this still left the duke. Goldwissen and Duke William met in October and fought the Battle of Hastings. Because of their intelligence and advantages in man power, Duke William and his defeated Harold and William became the next King of England. This was extremely important because when William came to the throne, he brought all the traditions of Normandy with him. These included French as a main language, Norman style architecture and techniques of weaving. He was a good leader and always remembered to consult with the opinions of the nobleman into consideration. He also established a feudal system in England and created and recorded a census of England.

After assuming the throne in 1199, it became apparent that King John of England was not fit to run a kingdom. Over the next sixteen years, he continued to lose all of England's land within French boundaries, loose all of England's budget and looses communications with the Pope, infuriating the people and losing their respect and support. In 1215, the nobles and church officials forced King John to sign the Magna Carta, a giant binding agreement which gave him and his successors much less power than previously. Some of these restrictions included forced counsel with Lords before raising taxes and complete separation of church and state. The Magna Carta lived on, but John, fortunately, did not.

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Photos Courtesy of Strange Cosmos