GLOBAL FINANCIAL WHIRLPOOL CONTINUED

GLOBAL FINANCIAL WHIRLPOOL CONTINUED October 16, 2008

Posted by frostygirl in Uncategorized.
Tags: financial markets, turmoil
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On 26 September I wrote a post about the global financial whirlpool and I did not have to wait too long to see that my prediction was accurate!

How many billions of dollars, yen, pounds, euro’s, etc have been thrown into this whirlpool and guess what? it is not helping. The more they put into the global financial markets the more they are causing people to doubt the whole financial structure and the financial markets are continuing to fall.

I think tomorrow (17 October, 2008) there will be a huge bloodbath on the various stock exchanges as shareholders try to offload before the weekend.

I wonder how the South African economist, who said that this would not affect South African markets, is feeling at the moment when he sees that our JSE index has dropped from approx 32000 to 20096 and our Rand has devalued by a huge percentage where one British pound can buy 18 Rands where only a few days ago it could buy 14 Rands.

This is good news for our exporters but very bad news for all products we have to import, which includes oil!