Here we go again: Global Shares Nosedive
It’s looking bad around the globe. In the past month the Spanish Ibex has lost 13% of its value. Today the Cac 40 is down by a whopping 7%. At the worse point today the FTSE had wiped 100bn off its value. The worse news however is coming from Asia.
Last time around we (personally) saw Santander stock fall from €14 to €5. That’s a bit like going to bed at night the owner of a car and then waking up in the morning and all that’s left are the four wheels and a door. Quite the lesson.
From the second we moved here we’ve been courted by investment companies and banks- but because of our traumatic history we’ve resisted the temptation to invest with any of them. Thank goodness.
I’m mostly fearful for the regular people who invest their savings on the (not entirely honest) advice of their bank managers. Even the so-called ‘guaranteed’ plans are rarely actually guaranteed. Just ask the Spaniards who were mis-sold the preferentes. If you’re going to put your money anywhere, read the fine print, then read it again, then have your lawyer look at it.
I’m very pleased we’ve decided to do our own thing, our own way. There’s something very satisfying about building/creating something, much better (for me anyway) than making money from money.
My Mazamet 
Living in the US, we mostly hear about the Greeks…their banks are failing, their economy is collapsing, they don’t manufacture anything in their country and the people don’t want to work AND that’s why they are in the situation they’re in. But we’re no different here in the States. We’ve sent everything we manufacture overseas (so we can pay foreign workers less), and many people here are out of work. The government bailed out the banks that were supposedly “too big to fail” & those banks aren’t doing any better for having been bailed out.
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Neoliberalism has failed, and the politicians are papering over the cracks. Or trying to.
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Papering over China is going to be a monumental task 🙂
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Thank you for that. I had been avoiding news almost completely, in order to keep cheerful…
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Back to the mattress….
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And isn’t that frightening? We live in a world where even if we don’t take risks with our money, we’re risking our money. Just choosing the wrong bank to have a savings account in means we’re risking our money.
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And it is increasingly difficult to make transactions without using banks…curbs on cash transactions, curbs on the movement of cash, not to speak of rigged markets which discourage investment.
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I think the global markets will cough given the way China is sneezing
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Were you on vacation?
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Sort of,.
I was attending an annual convention for architects
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