http://www.crikey.com.au/2011/09/23/world-markets-in-freefall/


Quote:

Investors are panicking, with world markets in freefall after a gloomy Federal Reserve outlook yesterday renewed fears of a global recession. Wall Street is down more than 3%. As Christine Hauser reports in The New York Times:    “The downcast mood appeared to be reflected across the board. Stocks fell in Asia, Europe and on Wall Street, where equities were down more than 3 percent as the market closed. Bond prices soared for a fifth consecutive trading session, pushing the United States benchmark yield to new lows. Commodities such as oil and precious metals retreated, as the dollar ground higher.” Investors are moving out of stocks and investing in the US dollar, writes Brendan Conway in The Wall Street Journal. He explains some of the other defining factors in the latest crash:    “A weak reading on manufacturing in China contributed to the slowdown fears. Adding to the grim mood was a lack of appreciable progress in containing Europe’s debt crisis, which has weighed on markets for months” The Aussie dollar plunged to 10-month lows this morning, tumbling below parity, explains Thomas Hunter in The Age:    “Overnight, the Australian dollar slipped to 96.92 US cents, more than two and a half cents down from yesterday’s 5pm close of 100.18 US cents, and off five US cents since Wednesday. The last time the local unit languished in the 97 US-cent range was in early December, 2010. The dollar was recently changing hands at 97.4 US cents.” World Bank president Robert Zoellick demanded the major economies take decisive action. ”Europe, Japan, and the United States must act to address their big economic problems before they become bigger problems for the rest of the world,” said Zoellick, at the beginning of the annual World Bank and IMF meetings. ”Not to do so is irresponsible.”

The Banks have done more damage then anyone previously imagined. I don't see the U.S and Europe pulling themselves out of this one this time.

And there goes more of my superannuation.

With the debt and deficit we have and the expenditure and carbon tax on the horizon, I dont see us pulling out of it for a second time.

Hmmnnn....is it time to start stocking up on non-essentials and non-perishables - such as toilet paper - in case 'food stamps' don't suffice!?

I mention TP in particular - since it was reportedly hard to get during the 1930's depression...

progressiveslol wrote on Sep 23^rd, 2011 at 12:47pm:

With the debt and deficit we have and the expenditure and carbon tax on the horizon, I dont see us pulling out of it for a second time.

Not with a $200 billion deficit and a government addicted to borrowing, spending and waste.

what can they do???..they have tried bailing countries out it hasnt worked..Greece is in freefall.. Ireland.. are offering b uy one house get one free..where are the Arabs in all this? they seem to be the only ones spending huge money on the ridiculous

Equitist wrote on Sep 23^rd, 2011 at 12:48pm:

Hmmnnn....is it time to start stocking up on non-essentials and non-perishables - such as toilet paper - in case 'food stamps' don't suffice!? I mention TP in particular - since it was reportedly hard to get during the 1930's depression...

That's very thoughtful of you nem. :)

cods wrote on Sep 23^rd, 2011 at 12:50pm:

what can they do???..they have tried bailing countries out it hasnt worked..Greece is in freefall.. Ireland.. are offering b uy one house get one free..where are the Arabs in all this? they seem to be the only ones spending huge money on the ridiculous

Reduce government spending, which is why the Greeks are marching in the streets.

cods wrote on Sep 23^rd, 2011 at 12:50pm:

what can they do???..they have tried bailing countries out it hasnt worked..Greece is in freefall.. Ireland.. are offering b uy one house get one free..where are the Arabs in all this? they seem to be the only ones spending huge money on the ridiculous

They should do what they should have done. Let the too big to fail, fail. Let it be what it needs to be and get rid of all the bad debt, on worse debt (bail out).

And most of all, balance budgets.

Abolish Greed, inequality and competition - that got us to this point in the first place - the worlds decent people refuse to compete and refuse to be exploited or competed against.

corporate_whitey wrote on Sep 23^rd, 2011 at 1:02pm:

Abolish Greed, inequality and competition - that got us to this point in the first place - the worlds decent people refuse to compete and refuse to be exploited or competed against.

Yeah, don't get off your arse, just sit there screaming, bozo.

progressiveslol wrote on Sep 23^rd, 2011 at 12:55pm:

cods wrote on Sep 23rd, 2011 at 12:50pm: what can they do???..they have tried bailing countries out it hasnt worked..Greece is in freefall.. Ireland.. are offering b uy one house get one free..where are the Arabs in all this? they seem to be the only ones spending huge money on the ridiculous They should do what they should have done. Let the too big to fail, fail. Let it be what it needs to be and get rid of all the bad debt, on worse debt (bail out). And most of all, balance budgets.

Exactly right, you cant be half preggo the same as you cant be half capitalist & half communist as our economies have been since 07.
Those banks etc should have gone to the wall & the way governments soothed the millions who would had lost everything should have been with EXTREMELY harsh gaol terms for the board & upper to middle management.

Privitising Profits & Socialising Losses has & will not work.
If anything it will lead to Revolution, maybe not here as we are too bloody lazy but those Europeans are firey buggers :D

So, are world leaders and economists ready to admit that the core of the global financial crises are: the exponential polarisation of income, wealth, power, opportunity , resources and debt, and; reckless under-regulation of corporations, markets, private equity and other parasites!?

That and the irrational worship of the insatiable and destructive Growth Fairy!

ww3 is the only quick way out

Equitist wrote on Sep 23^rd, 2011 at 1:09pm:

So, are world leaders and economists ready to admit that the core of the global financial crises are: the exponential polarisation of income, wealth, power, opportunity , resources and debt, and; reckless under-regulation of corporations, markets, private equity and other parasites!? That and the irrational worship of the insatiable and destructive Growth Fairy!

If governments can't balance their budgets (and get surpluses), how are they going to work without the growth fairy.

adelcrow wrote on Sep 23^rd, 2011 at 1:09pm:

ww3 is the only quick way out

Hmmnnn....I fear that there has been a lot of anti-Pakistan, anti-Iran and anti-Syria rhetoric emanating from the Yanks of late - and far too much pro-Israel commentary...

Perhaps most worrying, is that the rabid anti-China brigade is also making its voices heard...

Meantime, the Yanks have all-but sent themselves broke with their warmongering in Iraq and Afghanistan...

Attacking Pakistan will start ww3...theres no doubt about it.

Soren wrote on Sep 23^rd, 2011 at 1:05pm:

corporate_whitey wrote on Sep 23rd, 2011 at 1:02pm: Abolish Greed, inequality and competition - that got us to this point in the first place - the worlds decent people refuse to compete and refuse to be exploited or competed against. Yeah, don't get off your arse, just sit there screaming, bozo.

Thats right - nobody is going to work so wealth can be transferred into the hands of the worlds most evil, greedy, violent thugs who think they are entitled to sqilians while others starve,.  This is a moment in history where we must push greed and human inequality off the cliff - a new paradigm is struggling to be born - one in which peace, harmony and equality will prevail and hatred and intolerance wil be purified from the earth.

Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war.

<<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >>
..............................................................

Maybe.......after America gets wiped off the planet.

Ex Dame Pansi wrote on Sep 23^rd, 2011 at 1:44pm:

<<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >> .............................................................. Maybe.......after America gets wiped off the planet.

America has made plenty of mistakes.
But without it we'd still be sending children down mines & shackling blacks.
It has done more good in this world than any other country, this does not excuse misadventures but we'd be worse off without it.

Dsmithy70 wrote on Sep 23^rd, 2011 at 1:52pm:

Ex Dame Pansi wrote on Sep 23rd, 2011 at 1:44pm: <<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >> .............................................................. Maybe.......after America gets wiped off the planet. America has made plenty of mistakes. But without it we'd still be sending children down mines & shackling blacks. It has done more good in this world than any other country, this does not excuse misadventures but we'd be worse off without it.

OBAMA talked about 'committment' the other day!

It was good!

Committment to 'freedom from want' I think it was!

Like George Carlin said, as many comedians have repeated: we've gotta stop buying shite we don't need(..or words to similiar effect!)

SAVE TO SAVE THE WORLD AS I SAY!!

Dsmithy70 wrote on Sep 23^rd, 2011 at 1:52pm:

Ex Dame Pansi wrote on Sep 23rd, 2011 at 1:44pm: <<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >> .............................................................. Maybe.......after America gets wiped off the planet. America has made plenty of mistakes. But without it we'd still be sending children down mines & shackling blacks. It has done more good in this world than any other country, this does not excuse misadventures but we'd be worse off without it.

well said. They drive me crazy but they won two world wars and stopped russia from making a third one. They've earned a lot ot points for those things.

Ex Dame Pansi wrote on Sep 23^rd, 2011 at 1:44pm:

<<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >> .............................................................. Maybe.......after America gets wiped off the planet.

quoting bill-crany is a sign you need help.

I have confidence the head of the IMF and leaders now emerging pushing the market fundamentalists aside will make the cuts necessary to corporate welfare and redistribute the wealth back from the greedy to the people.

Well I would hope so too..but these times are bad, the worst in my lifetime..the rich are getting richer and the extreme right wing takeover in Europe is alarming..In the end it's down to people power..grass roots on the right side of the blanket. The problem being the right are so good at attacking and getting their greedy message out via the media blitz of right wing media et al. It's so bad here..Murdoch media..7 9 10 news all owned by media and mining giants..controlling the airwaves.

I'm fighting..I'm not letting anyone talk me down. No way...I want a clean peaceful future for my children..I cannot abide racism or any inhumanity at all!! Raping and pillaging the planet has to stop NOW!

adelcrow wrote on Sep 23^rd, 2011 at 1:09pm:

ww3 is the only quick way out

Out of what & into what?

longweekend58 wrote on Sep 23^rd, 2011 at 6:31pm:

Dsmithy70 wrote on Sep 23rd, 2011 at 1:52pm: Ex Dame Pansi wrote on Sep 23rd, 2011 at 1:44pm: <<Humanity is poised, Nature is poised for a shift in human consciousness and a New Age of Human enlightenment and an end to war. >> .............................................................. Maybe.......after America gets wiped off the planet. America has made plenty of mistakes. But without it we'd still be sending children down mines & shackling blacks. It has done more good in this world than any other country, this does not excuse misadventures but we'd be worse off without it. well said. They drive me crazy but they won two world wars and stopped russia from making a third one. They've earned a lot ot points for those things.

That is correct, but they have also done a few things wrong.

No one is perfect!