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Financial Mayhem in US Barely Grazes Europe

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Here in Vienna, the only english channel I get is CNN, and I can't tell you how shocked I was yesterday hearing how the Dow plunged more than 500 points on news that Lehman Brothers is no more. Asian markets fell just as hard, and investors everywhere are panicking. Here in Europe, though, markets aren't reacting as sharply today, though still red for the second day straight. The biggest economies with the most ties to US markets, like Germany, the UK, and yes, Austria. Also, Norway is getting hit hard, because oil prices are dropping quickly as fears of depressed demand keep prices below $100. What really has me worried, though, is the US dollar. Especially since I'm still here in Vienna. This, of course, has commodity-price ramifications as well. The Fed is meeting once again, and we're in the "perfect storm" that may have Bernanke - who looked like he was on some really good drugs today - cutting rates to try and stop the bleeding. That's great, folks... Let's try to print our way out of this yet again and put more of the burden on taxpayers after we've pretty much assumed responsibility to pay for Fannie Mae and Freddie Mac. I guess I'm a little miffed cause everything is going to cost me more here... at least in Vienna. Once I get to the Czech Republic, Slovakia, Poland and Hungary, I'll be doing a little better. So far that is. We'll see how the currencies move today. I'll be crossing into the Czech Republic today, heading for the picturesque Cesky Krumlov and then on to Prague. I'll chat with you then, and let you know how much my dinner cost!
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