dimanche 21 septembre 2008

Don't celebrate yet

Friday's rally in global shares, not followed up that convincingly in Asia, were pretty sickening to watch. There was a news report Friday night on BBC that showed some fat city dick as he received the good news about the bailout - his and his colleagues' triuphal gestures and cheering were the message to the viewers. 'We have won! We have got away with it! Fuck you!'

But there joy is illusory. The 700 billion (but in effect limitless.....) stumped up by the US is insufficient to cover the new wave of losses steeeeaming towards the shore. "All serious economic comments agree that an end of the crisis is not in sight. “The most frightening aspect of the past 24 hours is that any faith that central bankers and finance ministers could get a grip on the crisis has evaporated dramatically”, wrote the daily Die Welt on Thursday. And the British business paper Financial Times wrote on the same day: “We are without question in the worst financial crisis since 1929. We still do not know how many banks and institutions will collapse.” "

It is galling to see brokers' fat faces gleaming with joy and news presenters telling us that the markets are making progress - but it's all fake and temporary. Let them have their made up little triumphs - deep down, they know they're fucked.