For the last week, even the most uninformed has been confronted with the state of the world's finance. The collapse of respected financial institution seemed to have triggered enough fear all around, to convince money world that things will never be the same.
But the big game is on in the USA, where President Bush has managed to railroad Congress into passing a four billion dollar package to save the economy, and the international money market. It started off as a $700 billion package, but after much debate and hostility by politicians across the board, the final amount had to be reduced.
So far, the passing of the bill by both Houses in the United States, has done very little to calm the money market. Today, the European Community leaders are meeting to decide their course of action. More grand plans to support banks and other financial institutions, is expected, and at the expense of the taxpayer.
But will this approach work? Will these so-called good deeds restore confidence into financial institutions which, suddenly, seem to be unable to stand on their own two feet? Nobody knows for certain. This is new turf for all. And the following weeks will demonstrate how effective these desperate measures will be.













