Stockmarkets around the world have again fallen as the economic crisis deepens.
The FTSE fell more than ten per cent soon after opening and European, Asian and Russian markets have all suffered.
"What we are witnessing is mass selling on a global scale due to a combination of sheer panic and fear, combined with complete uncertainty over the future of the world’s major economies," Martin Slaney, head of derivatives at GFT told the Guardian.
International banks have injected billions into the system hoping they can motivate borrowing and stimulate investment.
Writing in The Times, Gordon Brown has called for fresh thinking to help solve the global banking crisis.
"The old solutions of yesterday will not serve us well for the challenges of today and tomorrow," he warned.
The prime minister suggested we "leave behind outworn dogmas and embrace new solutions".
"We must now act for the long term with co-ordinated national actions," he added.