German magazine declares American capitalism shattered

The socialist leaning German magazine Der Spiegel claimed in a recent news story that the foundation of American capitalism has shattered.

Below is a quote from their business (and not their opinion section):

In fact, it really does look as if the foundations of US capitalism have shattered. Since 1864, American banking has been split into commercial banks and investment banks.

But now that’s changing. Bear Stearns, Lehman Brothers, Merrill Lynch — overnight, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants left standing. Despite tolerable quarterly results, even they have been hurt by mysterious slumps in prices and — at least in Morgan Stanley’s case — have prepared themselves for the end.

I for one am preparing for the end with canned food, water filtration system and extra shotgun shells. Once my house is fully ringed in barbed wire I will be prepared for both the end of capitalism and or a zombie apocalypse.

News Article