The MSCI World Index slipped 2.3 percent to 1,405.27 at 1:53 p.m. in London ``The financial system is in terrible shape.It's the worst I've ever seen,''
Zhang Tao, deputy head of the international department of the People's Bank of China "If U.S. consumption really comes down, that's bad news for us," Zhang said. "That will have a pretty severe impact on our exports."