"The risk of a worldwide banking crisis -- one that is particularly damaging to mortgages, private equity, hedge funds and the banks themselves -- is higher than it was a month ago, and the storm is rising... The global banking system now faces the risk of a general flight towards cash and liquid 'level one' assets on a scale that has not been seen since the early 1930s. Already British banks are showing signs of near panic." -- William Rees-Mogg, London Times