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Kretzl, Helmut

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Salzburger Nachrichten - Austria | 09/08/2011

Global price drop was foreseeable

The international stock markets registered heavy losses on Monday in the wake of the downgrading of the US credit rating. The plunge in stock prices had been predictable for a long time, the Christian conservative daily Salzburger Nachrichten writes: "Seemingly erratic price jumps are less astonishing when you bear in mind that the markets continually make forecasts and try to anticipate future developments. It now appears that earlier expectations were far too positive, something certain people are realising only now. What is true is that dashed expectations - regardless in which direction - always result in a 'loss of control', the feeling that you no longer have a firm grip on things. Non-traders have had this feeling for a long time. Only if it were to also gain the upper hand among traders would a crash not be long in coming. But until that time any talk of such a crash is pure negligence."

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