Friday, 10 October 2008
A week is a long time in global economics
Who would have predicted?
- Brown to buy ALL our banks
- The Dow to be below 900 and sinking fast enough to take General Motors down (they need to turn huge loans, not likely to get them....).
- Iceland to go bankrupt and screw our local councils, then we declare economic war by using terrorist legislation against them (oh, but there is NO law of unintended consequnces...)
- A global 0.5% rate cut to have no bounce effect on the markets.
- Gold to be nearly unchanged.
Phew, much more too. Next week should be fun. Today we get the results of the Lehmans CDS shake-out, who will get caught when the music stops?