The date is 16 August 2011. A few days ago I had a chat with a friend of mine in Washington D.C. and we discussed the downgrading of the USA’s credit rating by Standard and Poor’s. We both agreed that there are at least two or three more years of finacial repercussions of the 2008 financial crisis.
It looks as though the Euro might implode and other countries might find themselves being downgraded. I don’t think the Euro will disappear it is too important for that but I do believe that there is going to be a whole lot more of hurt for the whole world as markets realign the worth of everything. Ministers and world leaders aren’t allowed to speak the truth about the markets for fear that it will make things happen quicker. Those who we expect to speak for the countries are largely self interested and afraid of completely wrecking what is seen as a broken system (by me). This inability to speak of more financial pain is leading to a protraction of the crisis.
I am glad that I work for the state in a roundabout way and not in the service sector. I think the next few years are going to go from pretty bad to worse. Such is life.
It would be nice to see governments finally reigning in corporations and banks so that there is more regulation. It appears that those in charge of these institutions over the last few years have made their cash and are now nicely retired in their gated homes.
Oh for the good old days of stability!? When was that?
"Nothing but the rain"