Friday, October 10, 2008

Globalization

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I lived almost 20 years in Europe. For the last 15 years I was General Manager of the Dutch division of an American company. In another year and a half I will begin drawing my Dutch early retirement pension.

Only one kicker. Just like in America most of the pension assets are invested in the stock market. And I see from today’s Dutch news that since the beginning of the year the Dutch stock market has lost half of its value. --Good grief!





* Global stock markets continue free-fall

Turmoil on the world's stock markets is continuing unabated. Wall Street opened 2,4 percent down, with share prices swinging wildly amid fears of a global recession. European markets dropped sharply after Wall Street opened in the red and plummeted by nearly 10 percent.

Amsterdam's AEX Index, which was down 8 percent, has now lost half its value since the beginning of the year, with traders warning of massive panic sales.

European stock exchanges rejected calls to suspend trading. In Indonesia, the market remained closed for a third consecutive day in a bid to prevent further damage. Trading was also suspended in Moscow.

Finance ministers and central bankers of the G7 are meeting today in Washington to discuss the financial crisis. The gathering coincides with the annual joint meeting of the International Monetary Fund and the World Bank
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