|Black Friday turns
|It seems that the steam is running out of
the US economy. The frenzy of over consumption
appears to be slowly fading as the realization
comes to consumers that perhaps all is not well
as the sub-prime crisis starts to be felt.
|Shoppers traded down
avoiding the up-market stores for discount chains.
This is of course the effect of an economy that
has lived on credit since the last serious
downturn when the dotcom crash threatened to
pull down down the whole economy.
|The genius of Alan
Greenspan solved that problem by inventing low
interest rates. What is the solution today? A
devalued dollar? How long can that work? The
difference is that other major world economic
players are not dupes. Will China continue to
accept monopoly money? Will the European Union
accept being priced out of the market? Already
there are signs that the dollar is being refused
by fashion models, rappers, petrodollar kingdoms
only adds are for charitable organizations
England football team humiliated by Croatia
a score of 2 goals to 3 England bowed out of the
next European Football cup tournament, humiliated by
the small and new nation of Croatia. The English
footballers, amongst and if not the best paid in
the world, returned home to face a storm and the
sacking of their hapless team manager.
What a farce, these international sports stars
have shown once again that a match is a match
and eleven men on a sports field are after all
only human. It is estimated that the failure of
the English national team will cost 3 billion
dollars in unsold team shirts, flags of Saint
George - the national patron saint, and plastic
Where have all those British footballers, tennis
players, athletes disappeared…they’re all busy
calculating how much their home is worth.
Perhaps after the much forecast crash we will
see them back?
|In the meantime the
Brits will have to be satisfied with watching
the qualifiers play out the European Cup matches
next summer, no doubt the pubs will not be full!
hails the arrival of The Independent New York
non-commercial, web newspaper offers its readers
a new vision of the world where we ask the
questions that the international press fails to ask for
reasons of political correctness.
|SS Subprime...is this the way the
financial markets and American economy
are headed together with all
those who invested in worthless CDOs and
other imaginative paper?
|The Independent New
York Times will be pleased to receive your
articles and comments. Please contact our
editorial desk at the following address
and we shall Endeavour to answer you promptly.
Dow Jones up to 12980 points
- Oil reaches $98.18 a barrel
Whilst you were all out
hunting for bargains the price of oil was
creeping up to the $100 mark. Do you care, of
course the gas in your tank costs more, but have
you stopped to think how much more you have to
work to line the pockets of petrodollar sheiks
and countries like Iran and Venezuela? As for
the Dow the worse the news the better it gets.
In the last week or so it has fallen, but over
five years it has risen by approximately 75%,
check yourselves on
then calculate how much wages and salaries have risen over
the same period in the land where people now shop at
Wal-Mart, eat at Dairy Queen and work two jobs
to make ends meet.
|As the festive season
approaches, year end bonuses are being
calculated, there will be winners and losers.
But you out there, what will be your share be?
Don't know? Then don't worry, in any you will be
part of the final calculation. Why you ask? because those
bonuses come from your pocket!
Clapping for 2008
It seems that the
Chinese are being taught orderly
behaviour for next year’s Olympics. Do
the millions of Chinese who earn 3 or 4
dollars a day in industrial sweat shops
know about or care about the Olympics.
If they don’t it will not be long before
they discover the emergence of China as
a sporting nation, no doubt employing
the methods used during the time of the
Vladimir Putin is
busy preparing his position in the
forthcoming elections in Russia. Any
traveller or observer who has visited
Russia during the Soviet regime or today
can observe that little has changed for
the vast majority of people. Glitzy
Moscow or cultural St Petersburg are
exceptions. But for the ordinary Russian
economic change is not the only thing
that has stood still, after a short
inter-regnum following the collapse of
the Soviet Union, the hard face of Russian
can be seen again,
dictatorship is back in fashion in