RE: World Economy25 Mar 2020 17:35
I'm old enough to remember the 1987 stock market crash (and the hurricane that preceded it).
Every weekday, a chilling signature tune which introduced the hourly news bulletin on LBC radio, would be followed by a female announcer, in a doom-laden voice, announcing:
'Share prices are falling on the London Stock Exchange again'
It was a great opportunity to buy quality stocks at cheap prices, but she didn't mention that.
I also remember the journalists repeating the mantra, following 9/11: 'The world will never be the same again!'
Have you noticed any great changes?
I mean, could you get on a 'plane in the 1980s or 1990s without going through a security check?
Now, apparently, the world is going to change again, with oil prices perpetually low, economies perpetually in recession, and Corona viruses regularly bringing everyday life to a standstill.
An economist relative of mine said, in response to Blair's laughable prediction of 'No more boom or bust!'
"Oh! He's going to abolish economic cycles - is he?"
and just as Blair's boom ended in an almighty bust, this bust is going to end in a boom of some kind.
I'm not in favour of the growth of the world's human population, but it has never stopped growing, and it needs energy.
I've seen this so many times, with experts being quoted as though they are clairvoyant.
If it hadn't been for the Chinese messing about with bats, and MBS going batty, this wouldn't have happened.
It's a great time for the media, social media and TSDs to spread gloom.
If you hear Goldman Sachs say that they had over-estimated how long it would take for the oil demand and supply to be 're-balanced' then you will know we are on our way.