Judge Dredd or Superman?

The Fed/Treasury should stop flip-flopping between being the avenging Judge Dredd and the world-saving Superman. The world needs Superman.

The panic sweeping global markets has turned destructive and needs to be stopped. The proof is that solid institutions such as Morgan Stanley and Goldman Sachs are beginning to sway and creak in the current hurricane. This is common to financial crises. Tumbling asset prices suddenly make the liabilities of even good firms loom far larger, and when the imbalance is noticed by aggressive creditors, short selling and bankruptcy are not far behind.

HereƆs what one London banker says about...

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