That Was The Week That Was

Economia
-Global stock markets crash. For the week: Dow -18.2%, FTSE -21.0%, Nikkei -24.3%, Hang Seng (Hong Kong) -16.3%, Jakarta -21.0%, Moscow -19.0%. Trading was suspended multiple times in emerging markets from Indonesia to Russia.

-Some perspective from the FT: at its low point yesterday, Dow was -23.64% for the week. During the crash of 1929, Dow's lowest weekly point was -23.62%.

-US oil futures fall to lowest level since October 2007. IEA forecasts slowest global demand growth in 15 years. OPEC calls emergency meeting, with oil approaching their perceived price floor of $80 a barrel.

-Extreme volatility in the global currency markets. Flight to safety boosts USD and JPY, commodity currencies like AUSD and NZD plunge. If you own Icelandic krona, buy a furnace.

Politique
-As global markets burn, G8 leaders squirm. Utter lack of coordination, mixed messages, and Berlusconi's insanity compound financial turmoil.

-UK government announces 400bn pound bail-out; effective partial nationalization of entire banking sector marks most decisive action to date by major financial power.

-IMF announces emergency lending facility for emerging market borrowers, first since Asian financial crisis. Proclaims "decoupling" theory rubbish.

-Ukraine's president Viktor Yushchenko dissolves parliament following (final?) collapse of ruling coalition. Power struggle ensues.

The Rest
-Martti Ahtisaari, former president of Finland, wins Nobel Peace Prize "for his important efforts, on several continents and over more than three decades, to resolve international conflicts".

-Major European countries, including France and Germany, call for easing of EU climate targets in light of eurozone recession.

-UEFA president, and epic blowhard, Michel Platini targets England's football clubs over debt and foreign ownership, threatens exclusion from Champion's League. Big-4 clubs laugh, dominate Champions League again.

-As if traders hadn't lost enough, CNBC reporter Rick Santelli finds this on the floor of the Chicago Board of Trade.

-Monkey waiters hit Japan. Japan becomes greatest place on earth, tops Rory's bucket list.

-Latest 2008 US election, Canadian election numbers.