"If the (American) people ever allow PRIVATE banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive The People of all property until their children wake-up HOMELESS on the continent their fathers conquered. The issuing power should be taken from the banks and restored to The People, to whom it properly belongs".
--- Thomas Jefferson

All I have to say is, you ain't seen nothing yet, the economic fascists will use this as their excuse, indeed according to their logic it is the only avenue open to them. This blog is worth following, IMO
 http://www.freedominourtime.blogspot.com/

UPDATE -- It's Already Begun....

"The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses," reported Canada's National Post last Wednesday (October 8).


"Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money," continued the Post. "But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said."


Bill Gary, President of the Oklahoma City-based Commodity Information Systems, confirms that this developing crisis is a product of the accelerating disintegration of the banking system: "There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit.... The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."


This is just one of several potential cataracts in the supply system, which depends in large measure on independent truckers who are likewise going to find it difficult to get short-term credit.


"We've got a nightmare in front of us and a lot of people are concerned it's going to get a lot worse," warns Vancouver-based grain industry analyst Anthony Temple.

"What some companies are saying is we can't pay you until our customer pays us, so it becomes a question of who bares [sic] the financial risk and the cost," adds Jason Myers, head of the Canadian Manufacturers and Exporters trade association. "We're hearing about it more and more."

The credit crunch may prove to be as devastating as a trade embargo, which wouldn't be a problem for the United States if we still had a self-sufficient market economy. It's worth noting at this point that the United States -- once the breadbasket of the known universe -- recently became a net importer of food.

 http://freedominourtime.blogspot.com/2008/10/its-hour-come-round-at-last.html

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What if the rotting corpses of Reclaim the Streets, the Liverpool
Dockers' Dispute, and numerous Anti-Roads Protests arose to celebrate
the Death of Capitalism with a Ghoulish, Trick or Treat,
Family-Friendly, Sambasista, Mass Street Party? What if the Four
Horsefolk of the Anti-Capitalist Apocalypse - Anarchist, Communist,
EcoWarrior & Revolution - rode out to join in the chaotic mayhem fun?

Date: Friday, October 31, 2008
Time: 5:00pm - 11:55pm
Location: Pavement outside Lehman Brothers
Street: 25 Canary Wharf

The American Federal Reserve elite, and the global rich including the Saudi Royal family, have secured this $700 billion to bail their own losses out; that's all this money is for and the American public know it! This was extortion, pure & simple. They whipped up fear and panic to rush the bill through, yet it's a drop in the ocean in terms of the outstanding debt (total US debt is $30 trillion, total world debt is $700 trillian and the precarious derivatives markets is 275trillion pounds alone). The bailoutt won't stop global meltdown.

Listen to Congressman Brad Sherman arguing against the bill during the 2nd reading (after it got rejected at the first reading), under massive pressure to continue to argue against it:
 http://video.google.com/videosearch?q=brad+sherman&emb=0&aq=f#

He argued the banks should pay for the bailout ober time, through utilising the Federal Deposit Insurance Corporation, as the USA did in 1981.