WATCHING THE MONEY MARKETS

[Jason the Maverick]

"Jersey is watching closely what's happening on the world's money markets.

Chief Minister Senator Frank Walker has given that assurance in the States this morning.

He told members the situation is being closely monitored.

And he said that because of the diversity of Jersey's finance industry, and because it is based on investment rather than lending, Jersey is in a much stronger position than other jurisdications.

He also said he had no evidence of any serious decline in the island's housing market".

The news must have an effect on house prices purely from an ability to borrow perspective.

[soon]

It's at times of crisis that you find the true quality of your leaders. So, the Bailiff has dressed himself up in his funny clothes and is banging on about independence, and the Chief Minister has declared neutrality.

That's all right then.

[soon]

This is a very clearly written article, with a quote as a taster.

“the fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism -- it tells the world that this way of economic  organization turns  out not to be sustainable."

Joseph Stiglitz (Nobel Laureate. Ex- Chief economist of the World bank)

http://www.huffingtonpost.com/nathan-gardels/stiglitz-the-fall-of-wall_b_126911.html

[verystandrew]

More from Stiglitz:

Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
Former chief economist for the world bank says "you have to be in fantasy land to say that everything is fine"

http://www.infowars.net/articles/September2008/170908Stiglitz.htm

[soon]

With regard to the Iraq war, Obama states that the cost of keeping the US army in Iraq is $20billion per month. That has none of the add on costs of veteran healthcare etc.. At least Bush hasn't started a nuclear war, but he's still got 'til January.