Black Monday .

Subject: Black Monday .
From: skarpi
Date: 06 Oct 08 - 07:10 PM

well all , now we had A Black Monday .

http://edition.cnn.com/2008/BUSINESS/10/06/iceland.trading.ap/index.html

Sorry about clicky thing ? cant do it right .

who know s maybe tomorrow we go on the bottom . well the ridge boys
or the men who tried to get the world with money they did not have
are puttin us on our head . I hope those men will have to answaer
for their doin .

Today our PM told us that tomorrow is goin to be black , we dont know if the banks will be open , if we have work , or will be food in the stores ? what about the rest ? what about our loans , our houses and
the rest .

I hope what the coverment did to day will help us back on our feet again , it wil take many months to raise us up again but as a
nation of old vikings we will stand up and fight this together
all of us .

I just wanted you see what can happen to the big countrys ,
think about it Iceland is a small country with 320 thousand people
what will happen to a 320 million country ?

I know you have all your views on this and there is a money crises
in the world , but this is goin very fast here so watch out
good people



All the best Skarpi Iceland

Subject: RE: Black Monday .
From: alanabit
Date: 06 Oct 08 - 07:21 PM

I worked with bankers for over a decade, trying to teach them English. I learned a few things from them in return. Probably the most important single fact about money, is that the stuff does not really exist in any physical sense. It is basically the projection of the sum of a huge number of interdependent belief systems. Stocks and shares are part of it, import and export systems are another, holdings, profits and whatever other economic statistics you want to throw into the pot, are another. However, at the end of the day, whether there is any money there or not comes down to whether the bankers think there is or not. If they think there is, then the bullding projects run and the wages get paid. If they think there is not, then we are all buggered. I like to think optimistically. Nobody really wants the whole economic systems to run out of money. So at some stage, someone says, "There is money." And then there is.

Subject: RE: Black Monday .
From: Sandra in Sydney
Date: 06 Oct 08 - 07:22 PM

good luck to you, too , Skarpi

here in OZ we have had a huge overnight drop in our currency value against the $USD - why it seem only yesterday I was crowing that the $AUD & $USD were almost equal ($USD100 = $AUD105 & a few cents!) As I was crowing to Dick about my purchases from Camsco he had to remind me he was buying overseas CDs & spending more $USD! oops, I said.

Recession fears grow as global markets plunge The Australian dollar lost almost five US cents overnight dropping below 70 US cents. But its picked up in morning trade and is now buying around 72.6 US cents.
The dollar also dropped against our other major competitors on expectations the Reserve Bank will cut interest rates. It is buying 0.5360 euro, 74.01 Japanese yen, 41.56 pence sterling and $1.13 New Zealand.

sandra

Subject: RE: Black Monday .
From: Bee-dubya-ell
Date: 06 Oct 08 - 08:28 PM

...money...does not really exist in any physical sense. It is basically the projection of the sum of a huge number of interdependent belief systems.

Just as I thought. Economics is really a religion, not a science.

Subject: RE: Black Monday .
From: Donuel
Date: 06 Oct 08 - 09:36 PM

Thats why mathmatical modeling is the core of getting a PHD in economics.

The man who Wall Street hired to model Weapons of mass Financial Destruction (Derivitives and Credit Default Swaps) was formerly a PHD physicist with a foundation in nuclear physics.
I KID YOU NOT !

Subject: RE: Black Monday .
From: Janie
Date: 06 Oct 08 - 09:42 PM

Blue Clicky for Skarpi's link.

Subject: RE: Black Monday .
From: Ebbie
Date: 07 Oct 08 - 01:01 AM

Tonight on PBS they talked about Iceland's rapid fall and ruinous outcome- they said it dropped 30% in one day; the question had come up as to whether their and Europe's and Asia's stock markets were a result of the US turmoil or a separate issue entirely. The consensus was that it stemmed from the US problems but would be more difficult to resolve overseas than it would be in the US because the US, being a singular entity rather than multi-national, has more control over it and can thus instate various solutions that may work. They said that outside the US a major problem is that everyone is protecting their own turf; they said, for instance, that Spain is not going to use their own money to save Greece.

They were saying that if the bigger countries - like Germany and France - cooperate with each other, they will find their feet earlier than the smaller countries, that the small countries may find themselves having to save themselves.

The question came up as to why the US dollar is still the one to save and said that there could be a variety of reasons, among them a lingering belief that the US will find its way out of the morass sooner.

That's what I think they said...