Showing posts with label global finance. Show all posts
Showing posts with label global finance. Show all posts

3/16/09

Interpreting Last Week's Poll Results

punditman says...

Last week's Punditman poll posed the question:
How has the Global Financial Crisis Affected you Personally?

Twenty-seven votes were cast.

Two of you have actually lost your jobs as a result of the economic meltdown (7%), which is around the "official" unemployment rate. We wish you luck. Peacenik will buy you both a pint if he meets you, because he is part of the 38% of working Canadians who are covered by workplace pensions. He's also a nice guy––for a doomer.

Five of you know someone who has lost his/her job recently (18%). These laid off workers are obviously too busy pounding the pavement to participate in a Punditman poll, thus skewing Punditman's unemployment stats downward to government levels. In any case, you five should buy these unlucky folks a pint and wish them luck. Unless you are also one of the two who lost their jobs, in which case, as stated earlier, Peacenik will buy you a pint.

Nine of you said you have lost a lot of savings/investments, (33%) while six of you, including, Punditman said, "What savings/investments?"(22%). This is where it gets interesting. Economic crisis is the great equalizer, bringing about instant fraternity, equality and brother/sister hood. Mr. Lost Nest Egg meets Ms. Lower Middle Class. Mrs. Lost Investor meets Mr. Insolvency. Punditman says you nine should seek out us six and together we can all discuss our commonalities as we paint the town overdraft red. Separate bills for all.

Eleven of you are employed worker bee/worry wart types who said, "I am employed but I worry a lot" (40%). You should maybe seek counseling or drugs, while both still exist. Or ask Peacenik to buy you a pint.

One of you is unemployed but doesn't worry a lot (3%). That was meant as a joke, but more power to you. Peacenik will buy you a pint in exchange for tips on living off the grid, gardening and archery.

Speaking of drugs, we have four Pink Floyd listeners who got the "Money" song reference. The rest of you either have no sense of humour, are under the age of twelve or over the age of 112.

Finally, four of you scoundrels don't see a crisis at all (14%). First of all, put away the old Supertramp album.

Secondly, we think maybe you should stop snorting blow with those rolled up thousand dollar bills you found within the folds of your golden parachute.

Jokers. Peacenik will not buy you a pint.

3/11/09

In Search of Lost:

Looking for one Year's Worth of World Gross Domestic Product

by Library Karen

The news headline read “Global Financial Assets Lost $50 Trillion Last Year.”

Lost? Lost?

My mind keeps running over the word, trying to conceptualize “losing” $50 trillion dollars. I try to relate this “loss” to losses that I have experienced personally. I find no point of reference.

Once I lost a pair of hiking boots. They were beautiful; wine and burgundy leather. An old boyfriend gave them to me. I loved those boots. But one day I went looking for them and just couldn’t find them. Have never seen them since. Gone for all time. Perhaps left behind on a camping trip. They were lost.

Another time, while moving, I lost my bathroom scales. That one might not have been so much a “losing” as an accidental drowning. Although, they could still be under the drivers seat in the 1967 Chevy that served as my moving van that year. It is also “lost”, in the sense that I no longer own it but wish I did. Last I heard a guy who trains horses was using it on a track to pace fillies.

On a more related vein, last year my co-worker “lost” $100.00 that was intended as a shower gift. It eventually turned up, in an interdepartmental envelope at a department for which it was not intended. So, in that case it was merely misdirected. Not actually lost, but we never did get it back…

Of course there are the many, many things I've lost that can never be recovered. Youth, virginity, all the money my T-4 says I earned last year, my waistline, and at least a few of my marbles. Generally I don’t feel so bad about losing those things as I did have a bit of fun in the process.

But losing 50 trillion dollars? I’m sorry but trying to imagine that is akin to trying to visualize “losing” the entirety of the universe. Or even just a galaxy. Can you imagine a headline that reads “50 Trillion Stars in Milky Way Lost.” Seems like a tough thing to misplace.

Lost? Lost? Apparently that is equivalent to losing one year's worth of world gross domestic product.

No, I really don’t think that is possible.

So, in order to be able to sleep tonight I think I will re-frame that $50 trillion not as “lost” but merely placed into some ginormous interdepartmental envelope which has somehow been misdirected to...well, let me know if you have any bright ideas (please don't say AIG.)

Let’s hope we get this one back...

10/6/08

Germany takes hot seat as Europe falls into the abyss

We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
By Ambrose Evans-Pritchard Last Updated: 11:05AM BST 06 Oct 2008

Investors will learn today whether the Paulson bail-out - fattened to $850bn (£480bn) by Congress - can begin to halt the death spiral in the credit system. So far, the response looks terrible.

Germany is now in the hot seat. The collapse of a rescue deal for Hypo Real Estate on Saturday threatens a €400bn (£311bn) bankruptcy that nearly matches the Lehman Brothers debacle for sheer scale.

A bit of hysteria from Ambrose Evan-Pritchard in the London Telegraph. Will today be black monday? Peacenik is feeling optimistic and thinks it's time for some good economic news. When Peacnenik finds some it will get posted.