Economists on both sides of the Atlantic were warning today that the frenzy witnessed at stock markets across the world could have a devastating knock on effect for industries such as gambling.

The US Federal Reserve cut interest rates today by three quarters of a percentage point in a surprise bid to stave off what many see as an inevitable recession in the world’s largest super power.
The last time the Fed cut rates as much as three-quarters of a percentage point was in August 1982, almost 26 years ago.

And the fear is that as inflation increases in the U.S disposable income, which is used by many to gamble, dwindles.

While the European Union has made great strides to make member states less reliable on the US economy the harsh reality is that when something of this size and nature occurs there it has a ripple effect throughout the world.

Stock markets across the globe have been reeling since yesterday morning with panic being seen on trading floors in London, Paris, Tokyo and Mumbai.

Online casino sites in Britain will be keeping their fingers crossed that the actions of the US Federal Reserve calms the nerves of investor’s world wide.

Should the worst happen and disposable income disappear then less people in the UK will be logging on to try their hand at a game of online poker or virtual bingo.

Indeed the fear that it will happen is damaging enough with cautious punters keeping their credit cards in their wallets until they see what happens next.

It’s ironic that this disastrous spell in the US economy comes during the Presidency of a man who claims the safety and well being of American citizens is his prime concern.

George W. Bush has turned the healthy Government surplus of $86 billion he inherited in 2000 into a deficit of $434 billion today and it’s predicted to get far worse.