Time for a new system...

Panic again. Some people are telling its basically nothing more than a fear factor.
But the truth is really painful. Once considered a fool-proof financial markets are now looking for some hide-outs.
All it started with a sub-prime and housing crisis in US an year ago. For the past 2 months its bleeding all over the world markets. US has indeed did a lot of ad-hoc measures to fix this issue. But it seems it will take a heavy toll before it cools down.
Banks around the world are pumping in money into the markets to prevent them from a free fall, but with a little success. Russian markets are halted for the seventh time in a month. Indonesian markets also shut down for a while today. US in 5 year low. Nikkei at unprecedented low, seems at once in the danger of trading halt today. Indian markets are also trading at their 2 year lows.
Most of the theories of emerging markets insulated from US have been proved wrong this year. After all, it started as a problem in US, now spreadding all over the world credit cruch. A global recession seems for sure now.

Its time to look for a new world order with a new financial system in place. More importantly, a need for a new global currency (not dollars, not euro, not yuan) and a global regulator in place with a considerable representation of all the economies in the world.
It may be a distant dream, but for sure, somebody has to take the responsibilty for all the happenings now. Thats possible only with a new system.