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Breaking News Home | All | Religion | Society | Tech | Choice | Fridays | SA Newsroom
FRONT PAGE  |  7/28/2017
Choice News WEDNESDAY, APR 4, 2007  |  19 comments
Europe tops US in stock market value
Europe has eclipsed the US in stock market value for the first time since the first world war in another sign of the slipping of the global dominance of American capital markets.

Europe's 24 stockmarkets, including Russia and emerging Europe, saw their capitalisation rise to $15,720bn (€11,819bn) at the end of last week, according to Thomson Financial data. That exceeded the $15,640bn market value of the US.

The rise of the euro against the dollar, growth of east European markets such as Russia and stock market outperformance spurred by improving profitability have seen Europe close a long-held gap with the US. Ian Harnett at Absolute Strategy Research, who identified the move, said this marked a "seismic shift" in markets. ...


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· Page 1 ·  Found: 19 user comment(s)
News Item4/6/07 2:52 PM
Neil | Tucson  Find all comments by Neil
"the longest and severest depression we had was from the end of the Civil War until 1898"

What historian claims that?? That probably describes the South well, but otherwise, I never got that impression from histories I've read, which agree there was astounding growth punctuated by short financial panics as overheated markets corrected themselves. By the 1890s, America was overtaking Britain as the leading industrial power!

19

News Item4/6/07 2:48 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Neil, the longest and severest depression we had was from the end of the Civil War until 1898. One reason people didn't feel it as much is because the country was still very agriculturally based --Hey, if you weren't making it the cities-- go out West and start farming! The growth of monopolies besides the usual greed factor of people was also encouraged because of the continual decline of prices, from the REALLY BIG depression. The Federal Reserve was in place before the 1929 crash, and they just did the opposite of what they should have done.
It is a fairly effective tool for the general control of the economy, but it still doesn't stop panics or other sky is falling mental states.

33K, admittedly the Ukraine has a lot of problems to solve before it gets its economy fixed, one is how to stop Russia from re-annexing it.

18

News Item4/5/07 2:58 PM
Neil | Tucson  Find all comments by Neil
Jim, we had depressions before the Fed, but not nearly as severe or prolonged. Coincidence? Not sure.

Recommended reading for Jim: www.amazon.com/Basic-Economics-Citizens-Economy-Expanded/dp/0465081452

We are teaching our children with it. Caveat: Sowell does not acknowledge a transcendent basis for his ethics. We'll fix that as we go.

17

News Item4/5/07 2:43 PM
33k  Find all comments by 33k
Jim,

If Ukraine joins the EU they will have to have free market reform and pay market prices for gas. 30 Minutes ago you had a problem with that.

(btw that's the gas that is a gas not the liquid you guys call gas)

16

News Item4/5/07 2:32 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Russia the eastern part has been considered European, at least since Peter the Great and Catherine the Great dragged it that direction. So, the parts that Russia controls can be considered European. The Islamic parts have for the most part have gone their own way. The Ukraine, also considers itself European and wants to join the EU (It shows there's no accounting for taste. ) I would think the Orthodox religion is one of the main things that ties Russia more to Europe than to any other part of the world.

Hmmm, perhaps, Neil, it was the lack of a strong Federal Reserve System, one ran by a Milton Friedman, and not enough regulation that brought on the Great Depression -- and not so much about protectionism? Yep, Andy Jackson was a real charmer, but he stopped the Civil War from happening 30 years sooner than it did.

15

News Item4/4/07 7:40 PM
Faithful Remnant  Find all comments by Faithful Remnant
I suppose Jim is referring to the European part of Russia: That which lies west of the Ural Mountains. However, to the best of my knowledge, the greatest wealth in Russia is east of the Urals.
14

News Item4/4/07 7:22 PM
Chris M | Australia  Find all comments by Chris M
Since when is Russia European? Why not throw in India and China too, it's all one big land mass so call it all Europe & feel all really united and important.
13

News Item4/4/07 3:55 PM
33k  Find all comments by 33k
I didn't say I was "good european" .

More seriously I would need to look up the full facts - war expenditure, war debts and Marshall Plan are all three different things - to say anything more. But I think I made my original point.

12

News Item4/4/07 3:50 PM
Neil | Tucson  Find all comments by Neil
Germany had benefit of Ludwig Erhard's free-market economics. Plus they didn't have war debts.

"as a European"

I thought Englishmen could not possibly be Europeans!

11

News Item4/4/07 3:38 PM
33k  Find all comments by 33k
fyi - Germany paid you back in about 1970. I was speaking as a european.
10

News Item4/4/07 3:33 PM
Faithful Remnant  Find all comments by Faithful Remnant
True also, Neil. Thanks for the clarification.
9

News Item4/4/07 3:30 PM
Neil | Tucson  Find all comments by Neil
To be fair, there was much immaturity in the early 1800s too, as for example in the JQ Adams/Jackson election which has not been excelled for overall nastiness. I meant that the impact of the Fed. Gov't on ordinary Americans was very limited, as de Tocqueville observed then.

33K, I heard that the UK recently made its final WW2 payment to us. I didn't know they were so long in arrears! Glad to see the British still have their financial probity on this count.

8

News Item4/4/07 3:30 PM
33k  Find all comments by 33k
"Good, now they can pay us back for WWII."

Hmmn ... I didn't know you were so mercenary about it.
The USA was responsible for it's own spending in WWII of course, and the post-war reconstruction Marshall Plan has been paid back as far as I'm aware.

If you want anymore we'll think about it after your currency drops by half again.

7

News Item4/4/07 3:26 PM
Faithful Remnant  Find all comments by Faithful Remnant
Neil,

"I wish that this were so, in the political sphere."

You're right about that, no doubt. Politics today is a amalgamation of childish behavior and immaturity, not to mention corruption of strict morals.

6

News Item4/4/07 3:23 PM
Neil | Tucson  Find all comments by Neil
Protectionism has been tried before, folks. It helped start the Great Depression, for one thing.

"We are beginning to return to the America of the early 19th century"

I wish that this were so, in the political sphere.

5

News Item4/4/07 3:19 PM
Faithful Remnant  Find all comments by Faithful Remnant
Yes, Jim, you may be right; especially about outsourcing jobs to foreign countries. I think we'll regret that later, when our rivals may end up pouncing on us and got the wealth from outsourcing. It will probably backfire.
4

News Item4/4/07 2:43 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
Considering that Russia has a lot of natural wealth, and that includes a lot of oil reserves, it wouldn't be surprising that the European market has become worth more than the American one.

I would think a more important reason is that America has shipped all of its manufacturing industries outside the borders. We have to depend on our rural areas to produce any native goods. We are beginning to return to the America of the early 19th century, just a breadbasket appendage to the rest of the world.

3

News Item4/4/07 2:40 PM
David | Arizona  Find all comments by David
Good, now they can pay us back for WWII.
2

News Item4/4/07 12:04 PM
Scott McMahan | Internet  Contact via emailFind all comments by Scott McMahan
Not sure what to make of this ... "The rise of the euro against the dollar" is significant, because Europe has had higher interest rates than the USA for a while now and money is chasing returns. All it would take is a few interest rate hikes in the USA to wipe this out. Is the value of the EU stock markets reflective of underlying return on investment, or just the current interest rate climate? "European shares have outperformed the US...since the start of 2003..." most likely that's mostly chasing returns in the incredibly low interest climate. I'm not sure the past few years is an indicator of a long-term trend. Money managers have been chasing returns. Also, American money managers seem to have a huge surplus of cash on the sidelines right now which is not invested in stock shares. What I'm trying to say is I'm not sure the EU is suddenly more valuable than all of America.

This is not to be construed as financial advice - I'm just ruminating as someone who has followed the stock market since winning a stock market contest in 1987. If I could predict what would happen, I sure wouldn't be posting comments here... I'd start a hedge fund... then get my own cable TV show...

1
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