November 7, 2007 (LPAC)--With Bank of England Governor Mervyn King telling the Financial Times that the world's central bankers are now holding conference calls with each other every day on the credit collapse, it was obvious today that they had lost all semblance of control of the hyperinflationary dollar crash underway.

• The price of gold in dollars leaped to $845;
• The price of oil in dollars passed $98, headed for $100 and quickly beyond, in all estimations;
• The dollar fell to nearly $2.11 to the British pound; to a 60-year low against the Canadian dollar; to below $1.47 to the euro; nearly to 113 yen/dollar; all of these are accelerating plunges;
• Wall Street financial interests were demanding Fed Chairman Ben Bernanke promise another interest rate cut, in Congressional testimony tomorrow--an hysterical demand given the hyperinflation already set off by central bank money-printing to save the banks;
• The New York Stock Exchange Dow-Jones index fell 360 points, and other indices by comparable degrees, as all financial and insurance stocks were plunging, some by 10-15%;
• Morgan Stanley, which had just reported a billion-dollar loss in leveraged buyouts which failed, discovered $3.7 billion in new losses in mortgage securities, joining virtually all big banks in the tank;
• Moody's Investors Service started cutting rates on on $33 billion of debt of the big banks' structured investment vehicles (SIVs), hitting 16 SIVs of Citigroup, British HSBC and Germany's WestLB.