Monday, October 14, 2002

Bali Low-A number of predictable fallouts from the Bali bombing. The Indonesian stock market went in the tank, hitting a four-year low with a 10% dive. Expect to see a run away from the rupiah (the Indonesians are trying to prop it up-good luck, ain't gonna happen) and other regional currencies where al Qaeda might be in play, such as Malaysia and the Philippines. Bali itself is a victim; the predominantly Hindu island will take it in the neck economically, as den Beste points out. I'm not sure if there wasn't an additional reason to pick that site; the large number of Australians there. The Australians were in the lead in the peacekeeping forces in East Timor, keeping a pro-Muslim anti-separatist bloc from blocking independence for the ethnically-Catholic nation. Could this be payback for the Ausies help? I haven't seen anyone post that thought yet. [Update 10/15 6:15AM OK, Jeff, "nominally Catholic" might have been better; East Timorese are Catholic much as Italy and Portugal (the old colonial power there) are Catholic or Norway is Lutheran, the population has various degrees of devoutness and some may practice another religion but are "Catholic" as a group. The area is Catholic from Portuguese colonial days]

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