Mail Online
September 22, 2008
Almost exactly seven years ago Al Qaeda terrorists targeted their hijacked planes into the Twin Towers at the heart of New York’s financial centre — and the world was transformed.
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There were no deaths this week, but the effects of the carnage on the financial markets will be far more profound and destabilising than the 9/11 atrocity.
For almost all of us, it will, I predict, be a change for the worse, and for a large minority the consequences will be extremely distressing.
The Western world — Britain, Europe and the U.S. — has moved from excess to austerity overnight. This week’s financial typhoon will savagely impact living standards.
In due course, it will topple governments and lead to a permanent transfer of economic and political power from Europe and America to the emergent and, in some cases, such as China, semi-barbarous economies in the East.
I know I will be accused of being unnecessarily apocalyptic and irresponsibly negative, but I believe that the greatest mistake we can now make is to downplay the seriousness of the situation and bury our heads in the sand.
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