The ongoing credit crisis could trigger losses of $1 trillion, according to an assessment by the International Monetary Fund.

In its twice-yearly review of the global financial markets, the UN agency also warned that there is a “collective failure” to grasp the extent of leverage in the financial system that could further damage the health of the US economy.

I have been writing here for years now about all the horrors that are finally coming to light – the end of the credit bubble, recession in America and so on.