Yesterday, the Dow fell another 7 percent and the FTSE fell by 5 percent; with shares also coming under severe pressure across Europe.
All of the major economic indicators (for instance the PMI, or purchasing managers index in America is at its lowest level since 1980) demonstrate that the US and Europe are going to experience a brutal recession in 2009.
Sterling fell by over 5 cents against the dollar in one day, and over 3 cents against the Euro, just like I thought would happen Sterling is beginning to collapse in value.
In Ireland the latest problem seems to be the fear that many of our country's major pension funds are in danger of collapsing. I don't think I need to spell out the misery that could cause some of the most vunderable people we have.
So its time for our weekly discussion about the current decline of the Western economic system.
Opinions?
Even more money troubles
Even more money troubles
"We are never so happy, never so unhappy, as we imagine"
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
-
wildhorses
- Posts: 648
- Joined: Sun Oct 12, 2008 7:08 pm
Even more money troubles
Galbally;1074662 wrote: Yesterday, the Dow fell another 7 percent and the FTSE fell by 5 percent; with shares also coming under severe pressure across Europe.
All of the major economic indicators (for instance the PMI, or purchasing managers index in America is at its lowest level since 1980) demonstrate that the US and Europe are going to experience a brutal recession in 2009.
Sterling fell by over 5 cents against the dollar in one day, and over 3 cents against the Euro, just like I thought would happen Sterling is beginning to collapse in value.
In Ireland the latest problem seems to be the fear that many of our country's major pension funds are in danger of collapsing. I don't think I need to spell out the misery that could cause some of the most vunderable people we have.
So its time for our weekly discussion about the current decline of the Western economic system.
Opinions?
My opinion is that we are all in deep pooh. We let the money men gamble our futures and our childrens futures. Those already retired or about to retire are on very shaky ground. No longer do companies have the integrity to hold up their part of the (pension fund) deal. They will dump those old folks like yesterdays mashed potatoes. At the same time they do this, they will take their bonuses and then still have the nerve to ask for taxpayer money to "get by". When pension funds were negotiated with workers, the person doing the negotiating did not care if the company would not be able to pay later....as long as the labor deal on that day had a good looking bottom line. He/she figured it would be someone elses problem later when the house of cards came tumbling down. The stock market has crashed. The only people buying are the scavenger day traders trying to make a couple bucks out of the carnage.
All of the major economic indicators (for instance the PMI, or purchasing managers index in America is at its lowest level since 1980) demonstrate that the US and Europe are going to experience a brutal recession in 2009.
Sterling fell by over 5 cents against the dollar in one day, and over 3 cents against the Euro, just like I thought would happen Sterling is beginning to collapse in value.
In Ireland the latest problem seems to be the fear that many of our country's major pension funds are in danger of collapsing. I don't think I need to spell out the misery that could cause some of the most vunderable people we have.
So its time for our weekly discussion about the current decline of the Western economic system.
Opinions?
My opinion is that we are all in deep pooh. We let the money men gamble our futures and our childrens futures. Those already retired or about to retire are on very shaky ground. No longer do companies have the integrity to hold up their part of the (pension fund) deal. They will dump those old folks like yesterdays mashed potatoes. At the same time they do this, they will take their bonuses and then still have the nerve to ask for taxpayer money to "get by". When pension funds were negotiated with workers, the person doing the negotiating did not care if the company would not be able to pay later....as long as the labor deal on that day had a good looking bottom line. He/she figured it would be someone elses problem later when the house of cards came tumbling down. The stock market has crashed. The only people buying are the scavenger day traders trying to make a couple bucks out of the carnage.
Even more money troubles
Yes WildH, it seems to be the situation alright.
What I find amazing is how quickly and how sharply things seem to be deteriorating, right across the globe, I guess thats a function of the instant nature of global communication and financial markets. The actual real world economies also move much more quickly than they used to, but still are taking a little while longer to demonstrate the full scale of the problems. Though as we can all see, these are now becoming very apparent.
There was a bit of a bounce yesterday, some profit taking I suppose as you say. Thankfully the dollar and the Euro seem reasonably stable at present, as does the yen, smaller currencies like Sterling are being put under severe pressure, especially sterling due to British policy on UK borrowing levels.
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
A barrel of oil went under $50 yesterday again, as Opec couldn't agree cuts in production. Thats good for us and the Americans, the only problem is that if the price goes too low, the big oil producers may face economic ruin themselves, and being Muslim countries the politics of that could be scary.
The German finance minister is warning his fellow Europeans not to expect to be able to just borrow their way out of recession, and may have to contemplate using hard work and thrift to save their economies. He warned against other EU nations committing mass economic suicide by throwing caution to the wind and becoming too profligate.
I don't have any doubt that we will need some root and branch reform of a lot of what has passed for finance and economics in the past 20 years, but at the moment national economic survival seems to be the name of the game.
What I find amazing is how quickly and how sharply things seem to be deteriorating, right across the globe, I guess thats a function of the instant nature of global communication and financial markets. The actual real world economies also move much more quickly than they used to, but still are taking a little while longer to demonstrate the full scale of the problems. Though as we can all see, these are now becoming very apparent.
There was a bit of a bounce yesterday, some profit taking I suppose as you say. Thankfully the dollar and the Euro seem reasonably stable at present, as does the yen, smaller currencies like Sterling are being put under severe pressure, especially sterling due to British policy on UK borrowing levels.
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
A barrel of oil went under $50 yesterday again, as Opec couldn't agree cuts in production. Thats good for us and the Americans, the only problem is that if the price goes too low, the big oil producers may face economic ruin themselves, and being Muslim countries the politics of that could be scary.
The German finance minister is warning his fellow Europeans not to expect to be able to just borrow their way out of recession, and may have to contemplate using hard work and thrift to save their economies. He warned against other EU nations committing mass economic suicide by throwing caution to the wind and becoming too profligate.
I don't have any doubt that we will need some root and branch reform of a lot of what has passed for finance and economics in the past 20 years, but at the moment national economic survival seems to be the name of the game.
"We are never so happy, never so unhappy, as we imagine"
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
-
Oscar Namechange
- Posts: 31840
- Joined: Wed Jul 30, 2008 9:26 am
Even more money troubles
Galbally;1075710 wrote: Yes WildH, it seems to be the situation alright.
What I find amazing is how quickly and how sharply things seem to be deteriorating, right across the globe, I guess thats a function of the instant nature of global communication and financial markets. The actual real world economies also move much more quickly than they used to, but still are taking a little while longer to demonstrate the full scale of the problems. Though as we can all see, these are now becoming very apparent.
There was a bit of a bounce yesterday, some profit taking I suppose as you say. Thankfully the dollar and the Euro seem reasonably stable at present, as does the yen, smaller currencies like Sterling are being put under severe pressure, especially sterling due to British policy on UK borrowing levels.
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
A barrel of oil went under $50 yesterday again, as Opec couldn't agree cuts in production. Thats good for us and the Americans, the only problem is that if the price goes too low, the big oil producers may face economic ruin themselves, and being Muslim countries the politics of that could be scary.
The German finance minister is warning his fellow Europeans not to expect to be able to just borrow their way out of recession, and may have to contemplate using hard work and thrift to save their economies. He warned against other EU nations committing mass economic suicide by throwing caution to the wind and becoming too profligate.
I don't have any doubt that we will need some root and branch reform of a lot of what has passed for finance and economics in the past 20 years, but at the moment national economic survival seems to be the name of the game.
Britain is mighty fine. We've got the Great Gordon Brown. :yh_rotfl
What I find amazing is how quickly and how sharply things seem to be deteriorating, right across the globe, I guess thats a function of the instant nature of global communication and financial markets. The actual real world economies also move much more quickly than they used to, but still are taking a little while longer to demonstrate the full scale of the problems. Though as we can all see, these are now becoming very apparent.
There was a bit of a bounce yesterday, some profit taking I suppose as you say. Thankfully the dollar and the Euro seem reasonably stable at present, as does the yen, smaller currencies like Sterling are being put under severe pressure, especially sterling due to British policy on UK borrowing levels.
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
A barrel of oil went under $50 yesterday again, as Opec couldn't agree cuts in production. Thats good for us and the Americans, the only problem is that if the price goes too low, the big oil producers may face economic ruin themselves, and being Muslim countries the politics of that could be scary.
The German finance minister is warning his fellow Europeans not to expect to be able to just borrow their way out of recession, and may have to contemplate using hard work and thrift to save their economies. He warned against other EU nations committing mass economic suicide by throwing caution to the wind and becoming too profligate.
I don't have any doubt that we will need some root and branch reform of a lot of what has passed for finance and economics in the past 20 years, but at the moment national economic survival seems to be the name of the game.
Britain is mighty fine. We've got the Great Gordon Brown. :yh_rotfl
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
Even more money troubles
I detect a note of sarcasm there Oscar. :wah:
"We are never so happy, never so unhappy, as we imagine"
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
Le Rochefoucauld.
"A smack in the face settles all arguments, then you can move on kid."
My dad 1986.
Even more money troubles
I don't fully understand these things, but if so many countries are in trouble, is there anywhere in the world that has good growth and prosperity ?
A smile is a window on your face to show your heart is home
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Oscar Namechange
- Posts: 31840
- Joined: Wed Jul 30, 2008 9:26 am
Even more money troubles
Galbally;1076242 wrote: I detect a note of sarcasm there Oscar. :wah:
Who me?????:yh_rotfl
Who me?????:yh_rotfl
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
-
Oscar Namechange
- Posts: 31840
- Joined: Wed Jul 30, 2008 9:26 am
Even more money troubles
Bez;1076249 wrote: I don't fully understand these things, but if so many countries are in trouble, is there anywhere in the world that has good growth and prosperity ?
Papua new Guinea is doing well i hear :yh_rotfl
Papua new Guinea is doing well i hear :yh_rotfl
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
Even more money troubles
oscar;1076257 wrote: Papua new Guinea is doing well i hear :yh_rotfl
Damit...not on my list of places to go !!!!
Damit...not on my list of places to go !!!!
A smile is a window on your face to show your heart is home
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Oscar Namechange
- Posts: 31840
- Joined: Wed Jul 30, 2008 9:26 am
Even more money troubles
Bez;1076260 wrote: Damit...not on my list of places to go !!!!
Nor me. I hear the travel facilitie's are rubbish as well. Apparently, the currency of bird feathers has doubled since the economic meltdown :yh_rotfl:yh_rotfl
Nor me. I hear the travel facilitie's are rubbish as well. Apparently, the currency of bird feathers has doubled since the economic meltdown :yh_rotfl:yh_rotfl
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
Even more money troubles
oscar;1076267 wrote: Nor me. I hear the travel facilitie's are rubbish as well. Apparently, the currency of bird feathers has doubled since the economic meltdown :yh_rotfl:yh_rotfl
I looked at Tescos Bureau de change....not on their currency list....bit behind the times aren't they ?:D
I looked at Tescos Bureau de change....not on their currency list....bit behind the times aren't they ?:D
A smile is a window on your face to show your heart is home
-
Oscar Namechange
- Posts: 31840
- Joined: Wed Jul 30, 2008 9:26 am
Even more money troubles
Bez;1076399 wrote: I looked at Tescos Bureau de change....not on their currency list....bit behind the times aren't they ?:D
Shares are up, they could float on the stock exchange any day said a Papuan New Guinea tribesman. :yh_rotfl
Shares are up, they could float on the stock exchange any day said a Papuan New Guinea tribesman. :yh_rotfl
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
-
wildhorses
- Posts: 648
- Joined: Sun Oct 12, 2008 7:08 pm
Even more money troubles
Galbally;1075710 wrote:
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
Yes they have also threatened to drive actual cars to the next "handout" meeting. They are making use of their very rusty PR skills. And I believe that is all it is....they are attempting (too late) to appear to be in touch with reality.
I hear that the heads of the car companies in the US are offering to take pay cuts to $1 a year to help save money (a nice gesture, shame they didn't think of things like this before). I think the heads of banking and insurance might take note.
Yes they have also threatened to drive actual cars to the next "handout" meeting. They are making use of their very rusty PR skills. And I believe that is all it is....they are attempting (too late) to appear to be in touch with reality.