Its The End Of The World As We Know It (And I Feel Fine)
A quick look around all the major news outlets today and you would think this credit crisis is going to end the world. My personal favourite is this piece from the Australian Courier Mail:
Consider the events of recent days. World financial markets have continued their death spiral, culminating yesterday in a 360-point bloodbath on the Australian Stock Exchange. Falls in the past week have basically obliterated the gains of five years of economic sunshine. Trillions of dollars of investors’ savings around the globe have been vapourised.
We have had market crashes before, but none quite like this slow-motion train wreck. And the fear and loathing on world stock markets is really only a symptom of a far deeper and intractable cancer afflicting international credit markets. In short, much of the system teeters on the brink of collapse. It is the credit crisis we did not need to have.
Wow… after reading this even I am starting to think it might be the end of the world. However despite all this doom and gloom this morning, as the song goes “And I feel fine”. Yep that’s right, physically I feel just as good as I did when I woke up last week, last month or even last year before the term credit crisis had even been coined.
As far as I am aware there was no blood spilt on the floors of the Australian Stock Exchange, or any other global trading floor for that matter. Nobody will lose their life as a direct result of this stock market crash, and it’s long been cited that money does not buy. And even here in the UK, the sun is shining today!
