Observations of an American journalist in Azerbaijan, Russia and USA.
Friday, October 24, 2008
Waves of crisis
I read the headlines in the NYT this morning about the stock markets plunging again. I have been blissfully unaware of this. I went for a walk by the Moscow River while the frenetic and depressing activity was occurring on Wall Street. But Russia is quite tied into this downturn. The plunging oil prices spell trouble for the government. I was talking with a friend yesterday who is a headhunter for people in the banking business. Needless to say, his business has been crazy. The effect of the crisis is already visible on the skyline - as work has visibly slowed at the multitude of construction sites that dot this city.
I'm not sure where is the right place to hide from this economic downturn - but Moscow isn't it.