December 23, 2007 (LPAC)--Ambrose Evans-Pritchard of the London Torygraph published new admissions of the incompetence of the banking community in dealing with the ongoing systemic crisis, in his column today. Evans-Pritchard cites "a chorus of economists" warning that the "world's central banks are fighting the wrong war, and perhaps risk a policy error of epochal proportions."

Left out of Evans-Pritchard's review, of course, is the solution to the crisis, the bankruptcy reorganization proposal uniquely put forward by Lyndon LaRouche.

Quoted are Anna Schwartz (Friedman disciple); Peter Specer, chief economist for the ITEM Club; Paul Tucker, markets director for the Bank of England; and Tim Giethner, chief of the New York Federal Reserve.

Spencer was the most apocalyptic: "The central banks are rapidly losing control. By not cutting interest rates nearly far enough or fast enough, they are allowing the money markets to dictate policy. We are long past worrying about moral hazard.... They still have another couple of months before this starts imploding. Things are very unstable and can move incredibly fast. I don't think the central banks are going to make a major policy error, but if they do (they already have, by hyperinflating --ed.), this could make 1929 look like a walk in the park."