RALLIES on global markets last week were a direct result of short covering and some over-exuberance by a few who have not yet lost all their investments or hope. The market buoyancy flowed directly from measures introduced in the UK, Australia and the US to ban or restrict the use of short selling. Meanwhile, the 'Socialist People's Republic of the USA' is moving to effectively nationalise bad debts held by a large chunk of that nation's financial system, leaving the bonuses of those who created this mess intact and untouched.
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