The Only Place Unaffected By Yesterday's Financial Turmoil: Iraq -- McClatchy Washington Newspapers
WASHINGTON — Fear and uncertainty were hot commodities in global markets Monday.
Stocks plummeted and currencies fell as shock waves from the Wall Street meltdown continued to reverberate across financial capitals.
The Mexican peso plunged to its lowest level in years. Its stock market dropped 5.4 percent.
Brazil and Russia temporarily halted trading after a series of steep drops on their exchanges.
Meanwhile, Sweden, Denmark and Austria joined Ireland and Germany on a growing list of European countries that have pledged to guarantee bank deposits to tamp down consumer worries.
"This is a stampede," said Valerie Plagnol, chief strategist at CM-CIC Securities in Paris.
On the very day that Washington began to unfold the $700 billion economic rescue mission, foreign governments and investors seemed resigned to a long period of tight credit and turmoil.
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My Comment: Iraq is a very very very long term investment. I will still prefer to keep my money in my corner bank.
