Thank you America!

The Frankfurter Rundschau anticipates the effects the American financial crisis will have on European banks: "No one should be surprised if the central banks soon have to intervene directly in the financial markets, for example to back the dollar or to save the stock markets from collapse. And it is entirely possible that more banks will topple, in Europe as well. ... Not since the end of World War Two has systemic risk required such hands-on measures. Under the term systemic risk experts understand the risk of chain reactions. ... That is: losses will accrue everywhere. But will these be absorbed everywhere? If things take a sharp turn for the worse, European taxpayers ... will have to pay billions of euros to save local banks, returns from life insurances and other retirement provisions will decline sharply, and the crisis will bestow upon Europe millions of unemployed. Thank you America!"

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