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STOCK MARKETS - CRISIS
Black Monday for global markets


Monday, January 21, 2008

A recovery plan by US President George W. Bush did little to prevent a worldwide plummet in global markets on Monday: Asian and European exchanges plummeted 4-7% while Wall Street closed for the day. "Every country in the world has been affected," says the IMF.

Fear of an American recession is causing global stock markets to plummet. In spite of the recovery plan outlined by American President George W. Bush, European exchanges experienced a "Black Monday", in the wake of markets in Asia.

At close of trading, Tokyo finished 3.9% down, its lowest point since October 2005. Hong Kong was down 5.5% and Shanghai receded 5.14%. In Europe, Paris experienced its hardest fall in one session since Sep. 11, 2001 (down 6.83%), Frankfurt lost 7.16% and the London Stock Exchange dropped 5.48%.

What we are witnessing, says Stéphanie Antoine, economic specialist at FRANCE 24, is a real crisis of confidence. "It's been going on since the start of the year. Every time the Dow Jones falls, it falls 2%, which is enormous. Wall Street is closed today, but the Dow Jones lost all its gains of 2007 last week."

Last week, Wall Street slumped for four sessions back-to-back. The exchange lost 4.02% over the week, prompting the American president to intervene. On Friday, George W. Bush announced an economic recovery plan based on tax cuts, representing 1% of GDP or around 140 billion dollars.

But the US president did not manage to reassure investors, who deem an American recession as more and more likely.

The financial situation is "serious", according to IMF director Dominique Strauss-Kahn. "All the countries of the developed world are suffering from the slowdown of growth in the United States."

The worrying situation in the world's financial markets is a consequence of growing pessimism among economists, says Stéphanie Antoine. "Even the most optimistic economists are starting to admit that they fear a US recession, and this pessimist camp is now in the majority."

A point of view shared by Susan George, former vice-president of ATTAC (Citizen's Coalition for Excise Taxes on Cross-Border Currency Transactions), who said on FRANCE 24's Face Off programme: "I think it's a real recession and I think it's going to spread over the whole world."

Following today's pattern, stock markets in Sao Paolo and Buenos Aires opened respectively 6% and 4.64% lower.

http://www.france24.com/france24Pub...ance-IMF-Strauss-Kahn-recession-usa.html


Live and let live
Joined: Sep 2002
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Yup ! And gold dropped $19.00 per ounce on the spot market.

Last edited by immissing; 01/21/08 05:00 PM.
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Time to buy buy buy!


I will have a Belikin -- put it on klcman's tab.
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Buy is correct !

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pedro2
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Apparently some action or other mooted by GWB was described by him as "a shot in the arm" for the US economy. "A shot in the foot" might be more appropriate.

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Stuff it Pedro 2, it wont work but so what. Im tired of all these pot shots at the U.S. The UK and Canada are no better off. Or China, India, or Japan. You dont want to go there with me.

Joined: Aug 2007
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Bush's $800 tax "rebates" will solve all our problems.


mikeywaz
Joined: Dec 2006
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Just Remember Pedro2 if we go under, so will you and many other Nations.Immissing is right! If we go down, the vast majority of the world will follow. What do you think that will do to your business?
You Lot Pee and moan about our consumerism, How we have everything, how we are the users, how we throw our money around, how we " the Ugly American" ruin everything. If we stop ( because of a recession) you will experience a "depression" long before we do.
The world experienced it in the 30's and it was the U.S. who pulled it out of it.

Get use to it... we are a global economy, and what happens in the U.S. will affect the rest of the world.
Do you really think that the fall of Belize will cause a ripple in the economy of the U.S.? I can assure you a Fall in the U.S economy will devastate Belize.One thing you will notice immediatly is the fewer aircraft/Tourists arriving at BZE.
As a Business man surely you see the impact? You can deride our way of life all you want, but like it or not you are married to it and dependant upon it for your livlyhood.


We are a Nation of 300 plus Million who Buy, Buy, Buy and Fly, Fly, Fly and contribute to the world economy. And you depend on that.
Your snide comment of the " shot in the foot" does not sit well.
Do I like Bush? Hell no!!! But there are people in this country who know what to do to bring us back to a viable economy. Unlike your nation whos leader only see how much they can put in thier pockets from anything you develop. ( i.e. tourismn, Oil, land)

Your glass house has many shattered windows.

It is not important to me or all of the people in the U.S what you think of us. However,I will bet the farm that you will not turn down the dollars spent by the U.S. and its citizens. Not only in your business, but also in your country.

Like Immissing I'm getting a little tired of the criticsm, the inuenos, and the vitriolics.Where were you( Belize)and Pedro2 when Katrina hit?When the Northwest U.S was devestated by a volcano eruption?Did you put on a pair of gloves and start helping? or did you just sit back and take the next dollar that came your way? when your nation was impacted by the back to back hurricanes this past season did we (The U.S.) not come to your aide? Even tho we were still realing from our devistation!

Please keep your remarks to yourself.You do not serve you or your beautiful country well by voicing them without thought.




Never Use money to measure wealth
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Joined: Feb 2003
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Damn, sounds like someone has overdosed on viagra and cheap beer.


If you must choose between two evils, pick the one you've never tried before.
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