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Billions lost at Australian Share Markets

Do you have a Sustainability Strategy ready?

Australian share prices have plummeted since the start of 2008, driven by the exposure of local banks and financial institutions to the US credit crisis. It is becoming increasingly clear that the Australian economy as a whole is far from immune to the impact of a US recession, despite a prolonged local boom based on mining exports.

By January 19, more than $147 billion had been lost from the value of shares since the beginning of the year, with the S&P/ASX index down some 9 percent. It was the 10th consecutive fall, the longest run since September 1990. The index had fallen 15.8 percent from its peak of 6828.7 points on November 1, also marking the weakest start to a calendar year for 17 years. Since the US sub-prime collapse began in the middle of last year, the market has now fallen twice by more than 10 percent.

The latest price slide, which has been accompanied by large losses across East Asian markets, has exceeded the falls on Wall Street itself. According to the Australian Financial Review, the Australian market has suffered its “worst losing streak since 2000”—when the dot-com bubble burst—“as increasing concerns that the United States is in the grip of recession ramped up the sell-off across global equities”.


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Whale Fall
-----------------

Dress me up in my new threads
clasp my greasy palms
grease my hair
I'm ready for the fall


Watch at all the decadence
watching the avalanche
I'm slipping down
losing my buoyancy


What's become of us
where have we come
this far, this close
close to the doors


I hear them, sublimal chants
I'm on the run
I race through the human sea
I am the king!


I'm the slave
to my own undoings
I'm the jester in my courtyard
We jest as we run


We're strolling on that thin rope
we grope as we rope
we're true heros
we're the survivors


we're the scavengers
we're the friends
we're the lovers
we're the unbred


Soon awaiting the fall
we're lurking on us
we're osedaxing us
we're soon going to be done
we'll soon be arrested




*osedax(bone devourer, newly discovered marine genus) feeds on a fallen(sunken) whale carcass(which is also called a whale fall). Read more here