2018 Feb 11 - Market Crash

The big story of the past week was the stock market which has been dropping faster than pro-democracy candidates in a Russian election.

The FTSE 100 finished the week down nearly 400 points and the Dow Jones put in 2 historic record-breaking falls before recovering to “only” finish the week 1100 points down and if things get much worse, ExxonMobile will have to start laying off congressmen.

Of course, those people who’ve been holding onto their Carillion shares or their Bitcoins probably think “5% what’s the big deal?” but it’s been 10 years since we last had a market crash and this was but a prelude, it’s like in those old Road Runner cartoons where Wile E Coyote is in the air looking down at the gorge.

So with no stock market rally for President Trump to tweet about, what was the White House's reaction? Well the US tried to bolster markets by agreeing in a somewhat bipartisan manner to blowing the deficit into the stratosphere and passing a budget plan that makes Jeremy Corbyn’s plans for office look parsimonious in comparison. Still not enough? Well let’s have more bread and circuses! President Trump also suggested having a massive military parade and the Winter Olympics just started in Korea. Personally, I always think the Winter Olympics is a missed opportunity really. It would be fun if one year they used the same sports as they do during the regular summer olympics but did them in the snow. Obviously combining archery and ice would be a health and safety nightmare but it would be fun to see the Scandinavians dominating the outdoor swimming events or the Scottish track and field team win a gold medal before passing around a thermos flask of bovril. Oh well, if things go badly with the North Korean situation, we'll end up with a nuclear winter and then the Summer and Winter Olympics will likely look indistinguishable.
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