Monday, October 06, 2008

Market Salvation plan by US a blunder of epic proportions

AFP:
World markets suffered massive losses Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis.

London, Frankfurt and Paris all tumbled more than six percent approaching the half-way mark while a 15-percent dive in Moscow forced a halt to Russian trading.
...
On Monday, Tokyo ended down 4.25 percent as Hong Kong's stock market shed 5.0 percent, Seoul tumbled 4.3 percent and Sydney lost 3.3 percent. Shanghai dived 5.23 percent and Mumbai was down 5.58 percent in late afternoon trade.

European stocks plummeted after Germany's fourth biggest bank had to be rescued over the weekend...
The Saudi stock market, the largest in the Arab world, shed 9.6 percent at the opening on Monday after a week-long holiday, and shares in other energy-rich Gulf states also slumped. "


So quickly the failures of market socialism and social welfare for the rich becomes apparent. This is an indication of how powerful the US yet remains on the world economic scale. We go down, the rest of the globe quickly tanks with us. Well, it's going to be fun watching Europe stride further down the path of marxism, as the EU and its constituent members procede with their heineous bailouts.


On the bright side, there is less demand for Petrol, so the price of crude has gone sharply down, as has the political strength of Russia, Venezuela, Iran, and a host of other petroleum based economies.


3 comments:

Anonymous said...

Is that a photo from Logan's Run?

Malorie said...

Nope... I believe thats from Planet of the Apes

Palm boy said...

Yep. Planet of the Apes.