HK Magazine says it's all the sugar in children's cereals, but me, judging from just how genuinely and profoundly frightened so many HK friends have been this week, I'm picking it as The Sub Prime Crisis.
Jessica was even saying the other night "HK banks have been telling me for years NOT to invest in Mainland China because big US companies were so much safer! And now I've lost nearly everything I've worked my whole life for." She's scared to her core for her future. So are many others. A lot of people have lost SERIOUS money, and these are people approaching retirement. David A. even says that if he'd invested in BEER instead of several US companies, for each US $1000 (which is now worth either US$49.00 or US$16.00 depending on what they were) he'd have US$214.00 worth of cans to sell to the recyclers!
Who would have guessed that the BEST financial advisor on the planet would turn out to be Madonna: "Spend your money on properties you like and paintings you love." She's so right! I'm relatively safe, financially, since I've spent my spare money on paintings and old books, and they've retained value astonishingly, although ... mmm, wish I'd listened to my intuition more on this matter; there was a Yue Mingjun painting I loved when I first arrived in HK that I could have got for US$6,000.00 that recently sold at auction for US$16 million! I can spot 'em but can't always afford 'em!
But as for understanding what's going on, I didn't have a clue - anything to do with finance is just "whoosh!" to me ever since they unhooked money from the gold standard - until Keith sent me this link to a British Satire on the subject. Let's see if I can post it up here:
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