Systemic failure

Phoenix Capital Research provides a dire view of the future:

I truly cannot stress enough how dangerous things are right now. This is the most dangerous market I’ve ever seen. We’re seeing moves of 4-% in just HOURS, not even days.
And considering that leverage levels prior to this round of the Crisis were even higher than those from the Tech Bubble… combined with the $600+ TRILLION in derivatives floating around in the financial system… should give you a sense of how serious the market declines can and will be as this whole thing breaks apart.
The fact remains that we are going down, down, DOWN over the coming months.  We’re going to be seeing major banks go under, market crashes, food shortages, government shutdowns, and SYSTEMIC FAILURE.
Yes, I believe that before this mess ends, the financial system as a whole will have collapsed. What’s coming is going to make 2008 look like a joke.