And one more tidbit from those days: RBS and HBOS were given a secret bailout by the UK government, which has only recently been made public:
It wasn’t just the US. There was a lot of money being withdrawn all over the place.
Yes, it’s a global event, which is one reason why the dollar is likely to surprise on the upside. As bad as our situation is it is worse elsewhere. Our pals who insist on viewing this crisis as originating in Democrat vs Republican politics apparently don’t appreciate just how widespread the problem is.