The scariest thing that is happening at the moment on the planet is the amount of cash that Central Banks are pouring into the world's financial system. It's crazy. It's more "money" than what was released in the aftermath of 911.
Ostensibly this is because of the sub-prime mortgages that have been flogged as "financial instuments". The real deal is that over the last 15 years any number of financial products have been cooked up on the most spurious claims of risk and reward - see I'm not even mentioning derivates - and the chickens are coming home to roost.
I think we are just seeing the tip of the global financial meltdown. Hold on to your hats - things are going to get very messy from here on in.