26 November, 2020

Global Market Sneeze: It's just the flu

In the face of a global meltdown, experts now call for some government control

Global Market Sneeze: It's just the flu

AND so in the markets, this was official. It took finally a word from the Federal Reserve Board of the US to restore balance—and with it hundreds of billions of dollars—to the mighty Dow Jones stock index on Wall Street and markets around the world. Chairman of the Board Alan Greenspan had merely announced that the Fed would intervene if necessary to steady the upheaval in the markets. That ultimate champion of free markets too had needed the steadying hand of government. Raising critical questions on the future of the world markets and their relationship with governments.

In fact, last week US president Bill Clinton took time off from his personal political crisis to tell the American citizen to wake up and smell coffee. Emphasising that their economic well-being hinged on the "biggest financial challenge facing the world in a half-century", he exhorted: "With a quarter of the world’s population in declining growth, we must recognise we cannot forever be an oasis of prosperity."




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