Last Thursday financial journalist Keith Stafford shared the basics of financial reporting in this time of crisis with me and my colleagues at Free Voice. For me, economics has been the subject in high school I failed at miserably. I did pass eventually, but now only remember Keynes' anticyclic spending policies (and use this concept to justify spending money when I'm broke). This lunch lecture was therefore perfect for me.
The content however got me down... Of course I know this crisis will not pass in a day, but Keith warns us that it may take five years for the balance to be restored. In 2009 we can expect some really nasty stuff, including high unemployment, he says. Common people will really then start to notice the effects. And not only in the West, in developing countries even more so.
So, not a lot to be happy about. There seems to be only some good news for producers of chocolate, as in times of crisis more people apparently buy chocolate (instead of white goods). Well, luckily Sinterklaas visited the office later in the day, which lifted our spirits somewhat. It seems we all have to brace for impact.
1 comment:
it would be interesting to see how you apply Keynes theory to personal finance in a later post :-)
Concerning the crisis, I think nobody can predict the future. It seems that economists have already a hard time to explain the present !
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