Comment: Indeed they are trouble wherever they are

What makes this one special? It's here. It's gonna impact us. Rising costs are no longer born by rising income. Haven't been for years now. I'm not sure how many families we have starving in the streets now but the number has been creeping up, given anecdotal evidence. We will have more hungry people.

Many called us crazy when we suggested housing was a bubble. Many laughed at us when we called for sustained depression like circumstances. Many scorned us when we determined that the whole derivatives market threatens the totality of global finance and now people scratch their heads and wonder what this LIBOR panic is all about.

However note my use of the word "potential". Potential calamity. And calamities don't operate in isolation.