Global Economy Woes

[Christina]

Tel Aviv trading closes with sharp downturns SundayDEBKAfile Special ReportOctober 12, 2008, 6:34 PM (GMT+02:00) Tel Aviv Stock Exchange opens late“It could have been worse,” said some traders at the end of trading which opened Sunday, Oct. 12, with 10-16% plunges after a five-day holiday break during which global markets crashed. TA 25 closed with a 3.8% decline, TA lost 4.6% and bank shares slipped 1.9%. Worst hit were the real estate index which dived 8.9% and Tel-Tech 9.1%.Earlier Sunday, caretaker PM Ehud Olmert rejected a proposal by Industry Minister Yishai for a $10bn rescue plan for Israel banks with safety nets for savers and depositors. He demanded a new economic forum to deal with the repercussions of the glob al financial crisis on Israeli markets on which opposition leader Binyamin Netanyahu, former finance minister and PM, would have a seat. The Tel Aviv stock exchange opened 45 minutes late in view of heavy sell-offs in the face of heavy pressure for a shutdown until after the High Holidays which end Oct. 22, to avoid global fallout. Anyway, the Israeli market is closed for Succot, Monday and Tuesday, Oct. 13-14. Trading is automatically suspended if prices fall below the 12 percent level. Saturday night, Oct. 11, International Monetary Fund directors warned a global economic meltdown was close unless urgent measures are put in place. They went on air with their warning after the seven rich nations’ financial leaders meeting at the White House in Washington failed to agree on a package to revive inter-bank lending and so rescue the markets from free fall. Euro zone leaders meet in Paris Sunday to find a way out of the crisis. The IMF director Dominique Strauss-Kahn admitted Saturday night that the bailout plans and interest rate cuts approved in the last 10 days had failed to restore confidence in world markets. The UK government is preparing to partly nationalize up to five troubled major banks including the Royal Bank of Scotland, Lloyds TSB and HBOS, with a $60 bn injection.

 

[tim_from_pa]

Seems the idea is more and more governments are trying to take over the banking industry. I guess this is a first step for the end times one-world government of the beast. How else would everyone be submissive to such a system except the governments take over first?

 

[Jordan]

Besides I think we have too much governments to begin with... I think this is bordering on excess and greed...