Global markets buckle on fears of new financial meltdown

Asian and European stocks spiral downward. The Dow Jones industrial average plunges almost 400 points toward its worst week since the depths of Wall Street's collapse in 2008.
The strain of deteriorating economic conditions and the failure of governments to contain the damage are raising fears that a new financial market meltdown may be unavoidable.

The grim mood was evident worldwide as a cascade of selling in stocks and commodities was triggered by concerns that policymakers lack the firepower and political consensus to revive their faltering economies.