When The World Tells A Story

It is difficult to put things in perspective and find out when exactly a crisis started and when it was at peak. But then too, a closer look shows us that the world tells a story when things are going wrong and shaping up a crisis.
Between September 2008 to January 2009, the Global Financial World told many tales and when the pieces are now put together, they form a clear picture of what we now know as the Gobal Fianancial Crisis of the 21st century.
USA - Weak economic data, withdrawn guidance by companies and talk of job cuts meant that US retail sales dropped by 1.2% in September 2008, which was the worst drop in 3 years and the third decline in a row. The Consumer Confidence Index fell by record percentages.

China - The Chinese Composite Index fell by 68.52% in 2008 as global demand for Chinese exports fell.

Britain - Economic output declined by 0.5% in September 2008. Argentine President's plan to take control of $29 billion of pension assets raised fears of a possible debt default by the government. British economy shrank by more than expected for the first time in 16 years. The Bank of England announced a cut in interest rates by 50 bps with a possibility of further rate cuts in future.

Japan - Sony slashed its forecast for annual operating profit by 57% on grounds of a stronger Yen and a worsening market for television and cameras.

Sweden - The Central Bank cut rates by 50 bps and hinted further future reductions.

South Korea - The Government announced a rescued package of $50 billion to rescue its bereaved markets. The country witnessed its slowest economic growth in 4 years.

New Zealand - The Central Bank cut rates by 100 bps and hinted further future reductions

Switzerland - UBS was forced by the Government into a $59.2 billion bailout

Russia - The Central Bank placed a rescue package of $26.6 billion in unsecured loans

India - Government injected Rs 320000 Crores in multiple phases. Inflation rose above 12% and IIP fell to record lows

IMF - Expressed intention to help Hungary, Iceland, Belarus, Ukraine, Serbia and Pakistan for economic programs backed by financing

The World Told A Story....