Sad times for Andrew 'Twiggy' Forrest
In the end, it was a short-lived reign. Just as well, then, that Andrew Forrest professed not to care for the title of Australia's richest man. Collapsing share markets have dramatically reshaped the fortunes of the nation's multi-billionaires in recent months, stripping Mr Forrest of the crown and elevating perennial rich list bridesmaid Frank Lowy to the top of the rankings for the first time.
According to calculations by The Australian, based on the Rich 200 List compiled by BRW magazine each year, Mr Forrest's fortune has tumbled from $9.4billion when the list was released in May to just $4.9 billion yesterday as his iron ore company, Fortescue Metals Group, became a victim of the volatile markets.
and theres more.....
http://www.theaustralian.news.com.au...56-643,00.html
Boring Friday afternoon.........NFP later - 1.30 am
If you are bored waiting for the mayhem and madness hour, this interesting article from Larry Edelson may pass away some time................
http://www.moneyandmarkets.com/Issue...erEntryId=2368
US National Debt Clock runs out of digits
Thu, 09 Oct 2008
In a sign of the times, the National Debt Clock in New York City has run out of digits to record the growing figure.
As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been switched to a figure - the "1" in $10 trillion. It's marking the federal government's current debt at about $10.2 trillion.
The Durst Organisation says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars.
The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.