Pundits are slowly making progress...

The FT (full text) and Professor Roubini have started noting what has been obvious for months (and for years in terms of predictable causality): that the current financial mess has resulted from a collapse of the giant pyramid scheme. Better late than never. However they still fail to identify that the actual mechanism of a global pyramid was loan to deposit ratio above 100%. So still some way to go: but watch this space.

The scale of pyramid collapse is running into quadrillions of US dollars. Refer to posts below.