World stock markets sink on US, Europe worries
May 18, 2012 | Source: The Street
New York City Stock Exchange (credit: Norbert Nagel/Wikimedia Commons)
World stocks fell Friday after credit downgrades slapped on Spanish banks unnerved investors already worried about the stability of the 17-country euro currency union.
Political turmoil in Greece has increased the likelihood that it could leave the 17-country monetary union, a move that could have ripple effects throughout Europe and the world’s financial markets.
Markets were jolted by Moody’s downgrade Thursday of 16 Spanish banks, said Jackson Wong, vice president at Tanrich Securities in Hong Kong.
In currencies, the euro fell to $1.2686 from $1.2714 late Thursday in New York. The dollar rose slightly to 79.30 yen from 79.28 yen.
Comments (4)
by Hoss
Both Socialism and Democracy will thrive vs the rise of tech. Capitalism is toast long term as it tends to consume itself, always seeking the greatest efficiency.
by Satan
Ha haha funny one, socialism thriving…good joke.
Capitalism is toast?!?!…oh yes…for the last 300 years now it’s been toast because it seeks efficiency in a consuming manner. Efficency leads to consuming toast, and socialism is anti-consumption and thus anti-toast. And democracy is anti-technology as we can clearly see today through the lack of technology in the democratic nations.
Do not fear- your new brain in 2030 will have access to a logic app.
by gaoptimize
If Ray Kurzweil is Asimov’s Hari Seldon of our day, the coming global economic SHTF (which I believe will be short-lived and beneficial in the long run) is the unaccounted for crisis in Ray Kurzweil’s estimates for the arrival of the Technological Singularity.
by DGM
Hey gaoptimize,
I nerded all over my screen when I read your reference to Hari Seldon. Well done. :)