Robert Peston notes that because the financial crisis is a global problem a A global solution is needed. Much of the recent chaos has been the result of people looking for a safe haven for their money, and they now have the entire world to choose from, so if there isn’t coordination, huge sums are going to be zipping around as people look for the best place to leave their money until the situation stabilizes.

The G7 countries are meeting in Washington this weekend and while they seem to understand that ‘Urgent action’ is needed, we can only hope that they understand the need to coordinate things.

The current prime minister of the UK, Gordon Brown, has an advantage that the other leaders don’t: he was Chancellor of the Exchequer [Secretary of the Treasury or Minister of Finance] for 10 years. In military terms we would say he “has more time in grade, than the others have in service”, meaning he has more direct, hands-on experience with the financial system, that the other leaders have in government. He seems to really understand the problem, and seems to have the best ideas about solving it.

The G7 has to announce a convincing plan before the markets open in Monday, because every day there is less to save.

So the Shrubbery threatened to go on television to calm the markets and as has consistently happens every time he speaks publicly the market dropped like a rock taking the rest of the world with it.

It has calmed down a bit, but someone needs to keep him away from television cameras. Every time he shows up it reminds investors of the worst decision they have made in years, helping to get him elected.

Position: 22.3 N 113.1 W [10 PM CDT 0300 UTC].
Movement: North-Northeast [020°] near 12 mph.
Maximum sustained winds: 105 mph [160 kph].
Wind Gusts: 125 mph.
Tropical Storm Wind Radius: 140 miles [220 km].
Hurricane Wind Radius: 35 miles [55 km].
Minimum central pressure: 970 mb.

It is 210 miles [335 km] West of the tip of Baja California.

a Hurricane Warning remains in effect for the West Coast of Baja California from Puerto San Andresito to Agua Blanca. Preparations to protect life and property in the Hurricane Warning area should be rushed to completion.

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Curiosity & Caution

What are you up to?

[Editor: This is juvenile tabby decided to watch me to see if there was going to be any food involved.

Friday Ark