AU stock market crashes: ASX down 7.9%
What we always feared , what we always warned you about, has now occurred: A second even worse version of 2008, possibly even worse than 1929. Never has being proven right felt so hollow.
We now have a global pandemic of a Corona virus (Covid 19), quarantines, hoarding, profiteering from panic buying, a breakdown of China (the worlds factory). For Australia this is following severe drought, Bush fires, dust storms, golf ball sized hail, and floods.
Last week we saw panic buying of toilet paper to the point of empty shelves, fights in supermarkets over toilet paper. Why the shortage of toilet paper? Because China has stopped making enough toilet paper and is now using ‘Daigu’ to import it from other countries such as Australia, creating local shortages from bulk buying at supermarkets.
That is your entree to the main meal, ‘Lord of the flies’.
I now have to figure out how to incorporate a piece of sheep spine and a few shiny cultic trinkets into a workable boar speak. Gotta keep up with the Jones’s you know!
Posted on March 9, 2020, in Australia, Economics & Finance, Physical resources and tagged ASX, market crash. Bookmark the permalink. Leave a comment.
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