Banking Indices Crash - Again

In the last few weeks the U.S. banking index has seen an unprecedented crash in such a short period of time, a 40% drop. Bank of America, Citi, State Street and others have literally collapsed. Some done 30-50% yesterday alone. In other words, the crash of 2008 has been followed up by the crash of 2009. And, it only took a few weeks into January for it to develop. Bank stocks around the world are following suit in what can only be described as a collapse.

Is the world giving its first challenge to a new U.S. President? If so, let's be realistic. The positive rhetoric out of Washington and the media surrounding a new President may be instrumental to restoring long term confidence, if and only if it is followed up by quantifiable action, but no President has a magic wand to make the economy better.

The global finance and banking industry has been and remains on the wrong side of every single trade. Yet they keep trying to re-enter the same trades. That's working mighty fine isn't it? How's that hyper-inflationary Wiemar Republic and Zimbabwe trade working out? It's a bitch getting that trade going with banks collapsing.

Globalization is dead. Modern finance is dead. Current economic ideology is dead. The world is very clearly telling us the future way out of this. Is anyone listening?