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November 22, 2008 -- Updated 0602 GMT (1402 HKT)

FINANCIAL CRISIS REACHES NEW DEPTH

  • Story Highlights
  • YEN CRASHES
  • Asian banks in disarray
  • American dollay falls further
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TAIPEI, Taiwan (Billy Kong) -- After three days of complete confusion, BJET seems to have spread to the financial district. Due to the quarantine zone, and the resulting total standstill of trade from Japan, the value of the Yen has collapsed with a devestating amount of 63.8%.

Chinese and Japanese bankers have responded to this development by demanding financial help from their respective governments. To no avail, however - the collapse of the Yen almost immediately results in the collapse of virtually all Asian valuta. Asian economy is in for a rough ride.

On a more international level, the collapse of the Yen has worrying results for other major valuta. Wall street is hoping for the best, but expecting the worst - America, however, does not have as much to worry about as the rest of the world, since it is the only country that has its national debt valued in its own currency. The Euro seems stable stil, but recent developements regarding the spread of what has been identified as the potato blight has several European financial figureheads worried sick.

Several valuta, however, do also profit from this development. The British Pound has stabilized, and the value of the South-African Rand and the Venezuelan Bolývar have grown exessively.

Interesting fact is that the UN Crisis Committee has agreed to pay an annual sum valued in Rand, rather than in dollars or in Euro, to the notorious terrorist organisation Herero Oshindonga. Several financial experts have agreed that the terrorists must have acted with prior knowledge.

American dollar worth next to nothing?

Will the American dollar be worth anything tomorrow?

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All About BJETThe Potato Blight

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