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..There's a little Samuel Pepys in all of us..

Sunday, August 07, 2011

Another short note to start the day..
Riots are in full swing in London.. not the entire city mind you.. just a couple of the poorest Burroughs.. Tottenham in particular.. However, Enfield is feeling it tonight..

What is disturbing is the numbers calling talk shows.. saying they want the army sent in..
As it is.. there have been more than 50 arrests since last night's fracas.. and if the full weight of the Law falls on them, they could be sentenced to up to 20 years.. It appears that this is no deterrent though to those who are out on the streets..
This originally kicked off with the Police shooting a suspect.. but seems to have turned into an outlet for all those disenchanted with our economic situation..
It's much the same situation Sarkozy faced this year, with the riots that swept Paris..
The Met says it's investigating that shooting of a suspect.. and no doubt it will take some time before any conclusions are publicly released..
In the meantime.. Tottenham High Street looks as though it's a victim of the Blitz.. and looters are running amok..

Meanwhile, the economic situation continues to worsen..
Asian markets opened with the Nikkei 225 index falling 0.9%.. and South Korea's Kospi down 1.5%...
The consensus is that this market uncertainty will last several weeks.. But considering more than a trillion dollars were wiped off stock holdings last week.. With an increased sense of economic risk, investors were making changes to their asset holdings..
As a result, they sold crude oil on Monday, with the main US contract down almost 3%, on concerns demand would slide..
Gold, meanwhile, gained in Asian trading as investors looked to buy assets that offered less risk..
However.. some analysts said that declines in the stock markets were overdone and the better growth outlook for Asia's main economies meant that investors would use the slump in share prices as a buying opportunity..
One can only hope..
In a letter to European governments, European Commission President Jose Manuel Barroso called on them to give their "full backing" to the euro currency zone..
He also said governments should rapidly re-assess the European Financial Stability Fund (EFSF) to reduce the risk of contagion in the Eurozone..
His comments further rattled the markets, which closed sharply lower..
The main London and Frankfurt indexes closed 3.4% lower, while the Cac 40 in Paris ended down 3.9%..
In the US, the Dow Jones index was down 3%..
It's difficult not to feel somewhat sorry for Barack.. His star has lost it's shine..
Although perhaps a few misdirected priorities at the beginning of his term has contributed to the lack of confidence he now enjoys..

More, as the Western markets ring their opening bells..

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