WHAT NEXT...

The last few days have brought about catastrophic declines to stock markets across the world and what began as a problem for the United States has spread to the United Kingdom, France, Germany, Japan and other parts of the world.

What started as the collapse of financial institutions which once stood as pillars of capitalism in the United States has now spread globally and scary enough has even brought about talk of a country going "bankrupt."

We look back at our lives when we are old and grey and there are moments that remain cemented in our memories. You may know what I'm talking about, for instance when we're speaking to our parents or grand parents and they mention the phrase " I remember back in 2008 when.... .... ....." This time right now is one of those moments which will remain cemented in minds for years and many decades to come.

What we once read about in history books is now playing out before our eyes and the scary thing about it is that you, me, family, friends and loved ones are/will/ can be severely affected by what is taking place. Houses will be lost along with jobs and personal and retirement savings will be seen slowly evaporating or worse yet gone.

Luckily I am fortunate enough to have not been seriously affected by what is taking place. With no considerable amount of money in a 401(k), I have yet to ever delve into the market (Thank God for that.) I feel bad for the people close to retirement who have built up considerable nest eggs only to see them deflated overnight.

With all this going on the question which remains in my head is what this means for the developing countries of Africa. The so-called BRIC's, Brazil, Russia, India and China's markets have all been affected by the sell-off frenzy, but the emerging countries of Africa (bar Kenya) whom they've yet to come up with an acronym for day awaits them.

My stock holdings in Uganda have fought vigilantly these past couple of weeks with Uganda Clays Ltd. remaining flat at 190 ugx and Bank of Baroda Uganda pausing slightly at 1,100 range after astronomical gains since the stock split.

What this Financial crises means for Africa I believe is the reduction in the amount of inflows in regards to aid, reduction in remittances from people abroad and possibly a pause in the amounts of investments that were pouring into the continent. People will wait on the sideline to guage how connected Africa's economies are to the rest of the world and once investors can see what the situation is and the credit market unfreezes, people will begin investing once again trying to re-fill their nests.

Having worked in the mortgage industry for a year 2006 - 2007 (towards the tail end of the frenzy) I wonder what peoples experiences have been during this trying time? If you or someone you know has been directly affected by this Financial crisis please feel free to document your experience.