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Sean Wheller
Home arrow Stock Articles arrow It is the End of the Markets (As we know them)
It is the End of the Markets (As we know them)
Monday, 04 February 2008
There is a saying that a week is a long time in politics. It would appear that a week is an even longer time in the world of global finance and economics. Little more than seven days ago former US Federal Reserve chairman Alan Greenspan was saying that there is “little hard evidence of an American recession.” This week Stephen Roach, chairman of Morgan Stanley investment bank in Asia, warned that if US spending fell within a year from its current high of 72% of national income to the 67% average which has been maintained in recent decades, it would herald “the mother of all recessions.” So what are the chances of a full-blown recession in America, and what would this mean for the rest of the world in general and for South Africa in particular? To begin with, the signs pointing to a US recession rather than a downturn are popping up everywhere. One of these is the fact that American consumers are up to their eyeballs in debt. Back in 1962, US household debts amounted to 64% of incomes. It then took another 39 years – to 2001 - for that ratio to grow by 37% to 101%. Since then it has swelled by another 37% to clock in at...
Read more at: Stock Investor Network




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