Hong Kong & Japan down 5% (8:40pm EST)
Posted October 7th, 2008 by IamVoting4RonPaul
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Ouch!
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India Central bank
http://www.marketwatch.com/news/story/india-slashes-bank-reserve-ratio-citing/story.aspx?guid={DA6958C9-6DD2-4790-BE7C-3E3874E25E5C}
In a statement late Monday, the Reserve Bank of India announced that it has decided to reduce the cash-reserve ratio by half a percentage point to 8.5%, beginning Saturday.
everyone's cranking up the printing presses it seems, just to lower their currency against the dollar...the dollar is not rising bigmike...other currencies are just falling by inflation.
It's a ploy to get people back into the US dollar.
Cash follows interest rates. My savings account was getting 8% (until today).
The Japanese had been borrowing in the US and parking it in Australia and New Zealand and making a profit on the spread.
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.
Wow, Australia just dropped rates by a full percent.
Expectations were for only 25 or 50 bps.
There goes the Aussie dollar.
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.
Looks like the rate cut has turned the Asian markets around.
Losses have been halved at this point.
Today, anyway.
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.
There has been rumor here
in the states about a rate cut also. That should help the metals a bit too. (if the standard indicators are even worth anything anymore)
Maybe that's why
the dollar is taking a hit?
I just looked. It's grim.
Look at this. http://www.bloomberg.com/...
Does this mean somebody "might have spent a tad too much buying failing institutions believing everything was going to be ok?"
Nobody is following the markets in Asia?
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.
I am only because it tells
I am only because it tells me that the DOW will fall more again tomorrow :)
It's still early trading. Waiting to see if they halt.
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.