What is clear though is that the news chatter is intensifying greatly which indicates panic is setting in significantly. I suggested before that sandbagging maybe happening with gusto but one wonders if they know what they are supposed to be sandbagging against, especially with these rather unusually stark comments from Sir Mervyn King:
Banks should brace themselves to withstand the "extraordinarily serious and threatening" economic situation, the Bank of England governor has said.Which prompted this analysis:
It's getting obvious that no-one has the first idea what they're doing and are in denial about the urgent and fundamental problems of the Eurozone....that then leaves only one conclusion and one inevitable outcome. Gulp!
If anyone was in any doubt about the severity of the eurozone crisis and what it might mean for the UK, they shouldn't be any more.
The governor of the Bank of England delivered his starkest warning yet. It's quite something for a central banker to describe the financial climate as "extraordinarily serious and threatening".
Sir Mervyn King made no attempt to play down speculation about the possible break-up of the eurozone. He thinks banks can weather storms ahead if they set aside more capital. But he acknowledged that the problems were widespread and beyond the control of any UK authority.
To sum up the financial regulators' message - fasten your seatbelts for what could be a very bumpy ride.