Clearly, a history of weakened legal mandate and regulation in the financial industry has caused a range of economic and monetary crises, and today we see nothing more than an economist in Ireland reporting a drastic expected fall in Ireland — possibly matching the crisis seen in Iceland earlier this year.

Further, Warren Buffet pulls more negative economic news, with the release of his quarterly reports saying that the company had hugely collapsed in the last quarter to an extent not seen anywhere else in the market — interesting news from the world’s renowned “greatest investor.”

In related news, ex-chief of the Royal Bank of Scotland, Sir Fred Goodwin, knighted for “services to banking,” if that isn’t ridiculous enough, granted no one other than himself an abnormally large pension, which has brought question upon questions towards the current state of the banking industry: especially in a world of financial crisis and political bailout.

Today’s news just goes to show that the financial crisis is far reaching and given the current state of globalization the downfalls and failings of one country, albeit a large one, have adverse effects on even the most distant, self-contained economies in the world.

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