Neither a borrower or a lender be.
Wise advice and older than dirt if you look at the world situation. China's economy is slowing, has been for some time now. After the housing bust there (remember there's entire cities that sit empty there) investors moved to stocks. One can only assume their markets are as inflated as the tulip fiasco a century plus back. There is the Greek tragedy playing out. We should know by months' end whether it will be default or the can gets kicked farther down the road, but you can only kick the can for so long. Eventually somebody wants paid but nobody wants to face up to the facts. Greece is broke and sucking more money from pensioners isn't going to help the GDP.
There's the Ukraine needing around $15 billion to stay afloat. So which loan shark will it be the east or the west? Putin would love nothing better than to take them under his wing just don't have any unkind words for him should you take the deal. Guess bribery and extortion were much easier in the old Soviet days.
Want to be a "bajillionare"? Then head to Zimbabwe. A dollar U.S. will get you $35 trillion Zimbabwean dollars. And we wonder why there's unrest in that part of the world.
Nigeria - A wonderful place with educated people and no opportunities unless of course you've invented something more creative than the dead prince scam. Bet there's 419 ways to say no to that. We're hearing the latest profession involves taking bribes from drug smugglers from South America so their cargo gets to Europe.
Somehow though in the grand scheme of things it all boils down to perceptions. What is the true value of an item? Take housing for example. Did you know that there are still 4 million people in the U.S. who are underwater with their mortgages. Their homes are worth less than what they owe. This to the tune of $579 billion according to Zillow. But the truth there is that people borrowed when the market was artificially high. A two bedroom condo in the suburbs is not worth a quarter of a million dollars. But if you believe that I just might be able to dig up some tulip bulbs for you. Just have your certified checks ready.
Bank fails later...
5 comments:
From last week:
Billy pilgrim: the fat lazy diabetics are costing a fortune in health costs and continue to gobble up cheap junk food and guzzle soda pop.
What and put McDonalds and Coca Cola out of business? And big Pharma isn't going to like that either.
Blog Fodder said: In order for an economy to function, people have to buy stuff for personal consumption. Everything else, infrastructure, education, health and social safety nets, is all overhead. Stuff for factories to make stuff for factories to make stuff is overhead.
That might have been true a few years ago but now economies are running on worthless paper debt. Why sell an actual product when you can make so much more selling IOUs.
Billy C - Try to stay dry and yes kids would rather try and make money playing video games than making or doing real work.
I think I'm still doing okay but many are not willing too live like I do.
Hey, fast food joints often have beverage machines where you fill the cup they give you when you order. Tell them you just want water and they hand you a cup, go to the machine and fill it with anything you want, they don't pay any attention at all. :-)
it was the best of times, it was the worst of times........
it was true 150 years ago and it's true today. i choose to exist in the "best of times"
Greece needs to go back to the Drachma and tell all their creditors to GFT.
Another good post Demeur, a lil bleak, but at least straight. You know, some places out there (a lil south of you) on the West Coast you would be lucky to find a bloody 2 bedroom condo in the suburbs for a quarter of a mill ($250K) ... we had some family come in a couple weeks ago from the SF Bay Area (they're originally from LA area but relocated up there for work/ job) ... I couldnt believe the cost of living and real estate prices they were telling me ... and some of the crap going on with the water issue over there. Ole Billy Cook has it all figured out though as far as survival in these tight times, eh? {: ) Have a good un Demeur
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