OK, now we know. The market is not going to get better any time soon. If people want to panic, they will panic. If they want to riot, they will riot. French President Zarkozy has already made some pronouncement about the need to change the world financial structure - whatever that is. The meaning behind that is ominous. It has become clear that the U.S. has - up to now - exerted too much influence over world money markets. When things have gone sour here, they then have soured the rest of the world financial order. That is no longer acceptable. He didn't say it in so many words but that's what he meant. It is now clear that Europe does not want to be held hostage by economic or financial conditions in the U.S. A meeting will be held some time in November to initiate changes - whatever those may be.
The lack of transparency is being held up as one of the key issues. As a result, it may well come to pass that cash will be eliminated as an exchange medium for buying and selling. Perhaps only banks will be allowed to transact cash. You and I will need credit cards. Electronic transactions is the only way to keep everything transparent. It will also cut down on the crime rate since every dime you have will have to be accounted for. Pretty clever. Let's see what happens. In the meantime, buy the cheapest stocks you can find.
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