Could the stock exchange crisis last?

"Not only will the global financial crisis triggered by the US mortgage market cause further turbulence on the markets, it will unsettle the currency markets and slow down the global economy," Josef Urschitz concludes. "All [the experts] agree that there's more behind the turbulence than the payment problems of a couple of 'sub-prime' US mortgage financers who have made investors nervous. It's looking increasingly like what we're witnessing is a serious crisis in the financial system that will keep the world on tenterhooks for some time to come - and despite the comforting words and fervent denials of politicians and the financial sector, will also have a negative impact on the real economy. At the very least, the result could be a slowdown, if not full-blown recession, on important markets. Those who think this is just about a summer sale on the stock markets and that everything will go back to how it was before by September are probably mistaken."

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