Behold the power of Phil Gramm!
Look on my works, ye mighty, and despair!'
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away.
How powerful is he? He has caused panic in Iceland:
Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan.
Ireland fends off panic selling and write downs:
The legislation allows the government to guarantee the liabilities of six Irish-owned banks up to a total of €400 billion, or $565 billion, nearly 10 times the country's national debt.
The reach of Phil is indeed long!
Benelux nationalizes Fortis:
80 percent of the value of Fortis has disappeared and shareholders of Fortis have been consistently misinformed, is not willing to live up to its legal obligations to shareholders and is not willing to inform shareholders in a proper way
Mr. Gramm, please! No more!
No, not Denmark too!
"The international financial crisis has affected financial markets in Denmark, frozen the money market and severely impeded the access to liquidity for many banks," the ministry said on its Web site. "The situation is regarded with great concern given the international market-failure where even healthy banks are having trouble getting access to liquidity."
But he's not done! Up next, Germany!
The German government and the country's banks and insurers agreed on a 50 billion euro ($68 billion) rescue package for commercial property lender Hypo Real Estate Holding AG after an earlier bailout faltered.
What will slake his thirst for destruction? Will no nation be left untouched?
The pan-European Stoxx 600 index closed down 7.6% at 241.60, with the basic resource sector dropping 13.7% and banks down 8.9%.
The German DAX 30 index ended down 7.1% to 5387.01 and the French CAC-40 index dropped 9% to 3711.98. The U.K. FTSE 100 index closed down 7.9% to 4589.19, while the Russian RTS index slumped 19.1% to 866.39 before trading was suspended.
We must placate him. Whatever he demands must be given. Human sacrifice if necessary. We humbly beseech thee, The Great and Powerful Gramm to end this upheaval. Stay your hand and tell us what we have done to displease you.