Visit our website: HTTP://WWW.STOPNATO.ORG.UK --------------------------------------------- [Via Communist Internet... http://www.egroups.com/group/Communist-Internet ] [Subscribe: [EMAIL PROTECTED] ] . . ----- Original Message ----- From: secr <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Thursday, September 13, 2001 9:45 PM Subject: [mobilize-globally] Economics of the Attacks Subject: [RBG-Alliance] Fw: [energyresources] Fwd: STRATFOR Real-Time Analysis: Economics of the Attacks Date: Thu, 13 Sep 2001 06:55:25 -0700 From: "Mike Morin" <[EMAIL PROTECTED]> To: "Labor Party Praxis" <[EMAIL PROTECTED]>, "socialism" <[EMAIL PROTECTED]>, "Pacific Green Party Discussion" <[EMAIL PROTECTED]>, "Socialist, Green, Labor Party Alliance" <[EMAIL PROTECTED]>, "Regional Community Development" <[EMAIL PROTECTED]>, "revolutionary cooperatives" <[EMAIL PROTECTED]> -----Original Message----- From: Lise Maring <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] <[EMAIL PROTECTED]>; [EMAIL PROTECTED] <[EMAIL PROTECTED]>; [EMAIL PROTECTED] <[EMAIL PROTECTED]>; [EMAIL PROTECTED] <[EMAIL PROTECTED]> Date: Wednesday, September 12, 2001 7:25 PM Subject: [energyresources] Fwd: STRATFOR Real-Time Analysis: Economics of the Attacks > > > > 11 September 2001 > >Explosions Cripple American Economy > >1940 GMT, 010911 > >The attacks in New York City and Washington, D.C., targeted >obvious symbols of American prestige and power: the World Trade >Center and the Pentagon. The attackers achieved a crippling blow >against America's economic infrastructure as well. > >New York City is one of the richest cities on the globe, >independently raking in more annually than all but the world's >most advanced states. In 1998, the city's budget exceeded that of >some major countries, including Russia. > >But New York is more than just a wealthy city of 8 million >people. It is the financial capital of the world's largest >economy. As the significance of what happened in New York sank in >across the country, America's smaller exchanges closed down one >by one. But it is the New York Stock Exchange that moves global >financial events. > >Minutes after the attacks, authorities shut down the entire >island of Manhattan, virtually sealing it off from the rest of >the world. The NYSE, located a mere half mile from the collapsed >World Trade Center, has suspended operations until further >notice. That action alone set off secondary tremors in stock >exchanges the world over. By 11 a.m. CST, all active, major >global exchanges were registering sharp losses. > >Even with the ongoing global slowdown, America's market >capitalization is larger than its massive $10 trillion GDP and >more than all other financial centers combined. A fair portion of >the value of that capitalization is sure to evaporate over the >next few days. > >The seemingly invincible dollar has lost its footing as well. >After regularly gaining against major currencies for the past few >years, the dollar dropped 1.8 percent against the euro and 1.5 >percent against the yen. Since most of the world's $1.1 trillion >in daily foreign exchange trades take place in New York - and >those markets are closed - this drop is a mere glimpse of what is >to come. > >Foreign financial markets are already trembling. The Paris >exchange immediately plummeted 7.4 percent, the London exchange >5.7 percent and the Frankfurt exchange 7 percent. Oil traders are >betting that the United States will seek retribution against a >Middle Eastern target; that has pushed crude oil prices up to a >nine-month high. > >The infrastructure that supports high-powered business is also >either crippled or locked down. Officials at the Sears Tower in >Chicago, keenly aware the tower is the country's tallest >building, have ordered an evacuation. And the offices in the 110- >story World Trade Center were the backbone of many financial >powerhouses such as Morgan Stanley Dean Witter, China >International Trust, Yamatane Securities America and Farmers >Union Control Exchange. New York City plays host to more >multinational corporation headquarters than any other city in the >world. > >As the financial disaster ripples outward, the insurance industry >will be in for a very rough time. For instance, Westfield America >Inc. signed a 99-year, $3.2 billion lease on the now nonexistent >World Trade Center Building only last month. This is merely one >example of the size of the insurance claims that will be filed in >coming weeks. Staggering claims could be filed by the companies >that were tenants of the World Trade Center. Meanwhile, liability >insurance for canceled airline flights will be paid out, and life >insurance policies for the uncounted dead also must be paid. > >The direct impact on American companies cannot be estimated until >the exchanges reopen, but European insurers are already rattled. >An index that follows large European insurance companies fell >more than 10 percent within an hour of the World Trade Center >collapse. The carnage to come in American markets will be >harrowing. > >Beyond New York, the Federal Aviation Administration has shut >down the country's entire commercial air network, canceling all >civilian flights. With an average daily capacity of 55,000 >flights, the daily loss to the industry ranks in the hundreds of >millions. > >Industry confidence is sure to plummet to historic lows. >Preliminary reports indicated that U.S. military fighters shot >down another suspected hijacked passenger plan outside of >Pittsburgh. Though the report remains unconfirmed, the chance -- >however remote -- of the government shooting down civilian >passengers would certainly put a damper on an airline industry >only recently recovered from a wave of mergers and price wars. > >Related industries, such as tourism and shipping, will suffer >equally. Again, European markets are leading the fall. British >Airways and Hilton Group both shed more than one-fifth of their >stock value within hours of the attacks. > >Life will not return to "normal" soon for the airline industry. >More than 2 million passengers travel through U.S. airspace >daily, but the FAA is often accused of designing security >regulations more to produce a sense of security than actual >safety. A complete security overhaul must be conducted before the >air routes can be safely reopened. Even a partial fix will take >days, if not weeks. > >Back in New York, the cordon around the shattered remnants of the >World Trade Center -- until this morning the nexus of the >financial world -- will remain for days as rescue workers set to >the grim task of picking through the rubble. The economic damage >-- the full extent of which will not be discerned for months -- >will be equally grim. > >_________________________________________________________________ > >Austin Office >700 Lavaca, Suite 405 >Austin, TX 78701 >Phone: 512-744-4300 >http://www.stratfor.com/media > >Understand the globe, with intelligence. > >Copyright 2001, Strategic Forecasting, LLC > > > > > > > > > >_________________________________________________________________ >Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp > > > >Your message didn't show up on the list? Complaints or compliments? >Drop me (Tom Robertson) a note at [EMAIL PROTECTED] > >Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ > This list is unmoderated, at least for the time being. :-) So try to keep civil with fellow list members. 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