From so many reports, much of the American public doesn't think that this is a financial problem for them. Well it is not. But if they want to go to the bank and write a check, their bank may not be there. But it's not their problem. If they want to invest in some John Deere equipment or trade futures, John Deere may have not be able to finance the purchase or the futures markets may have margin rules requiring each trade to be asset backed. But it is not the problem of the American public. If you want to buy a car, you will have a choice of the big 3: Honda, Toyota or Nissan. And maybe Hyundai... which will have bought Cadillac for $1.
If Ireland is taking this kind of action:
DUBLIN -- The Irish government Tuesday announced a surprise decision to safeguard the Irish banking system for two years, guaranteeing all deposits, covered bonds, senior debt and dated subordinated debt of the four main banks.
Finance Minister Brian Lenihan said the guarantee will cover €400 billion ($577.64 billion) of the €500 billion of bank assets involved. That is more than Ireland's gross domestic product of €190 billion.
Then what should America do? Ask the Saudi's? We have this kind of thinking "It's not my job' going around and the fact remains that it is your job. This is a pandemic of delusion which started when God asked Cain, "Where is your brother?"
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