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Worldwide panic sparks sell-off
A man looks at a video display showing financial data in downtown Tokyo October 10, 2008. The Nikkei average tumbled 11 percent on Friday, leaving it facing its biggest one-day drop since the 1987 stock market crash on fears the financial crisis will lead to a global recession.(Yuriko Nakao/Reuters)
European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.
"Tata Motors emergence as front-runner to buy Jaguar and Land Rover from the ailing Ford brings one question uppermost to a commentator sitting at a wealthy Western desk: precisely which economic sectors can be relied upon in the future to provide jobs for Westerners at wages higher than are obtainable in the Third World? Will there continue to be opportunities to improve Western living standards, or are those living standards destined to descend to some kind of population-weighted average between Boston and Benin?"
"Opinion polls show that Americans are both weary with and wary of the rest of the world. It's as if they wish it would all just go away."
"The "war on terror" is not everybody's language, nor for that matter is "globalization", says 1998 Nobel Prize economics laureate Amartya Sen. Nor is anyone right to think that religious radicalism is really an Islamic problem, he says."
Worldwide panic sparks sell-off
