THE WORLD’S FINANCIAL CRISIS IS JUST BEGINNING!
October 10, 2008
EDWARD HARRIS AT LARGE!
THE WORLD’S FINANCIAL CRISIS IS JUST BEGINNING!
It is not a healthy situation as we see the financial centres of the world begin to crumble with stocks falling everywhere and governments have to rescue Banks. It begs the question what is the position with our money? How safe is it? All we know is that our money is pegged to the US dollar. There is need for immediate and massive action to inform and educate our people about our involvement on the world financial stage. I am hoping that we will take the opportunity to investigate the stock market and secure stocks that are likely to correct themselves and go on the rise again. The old principle is to buy when stocks are low and sell when they are high. The key is to know when to let go and don’t get greedy. In the most difficult times, there is always money to be made.
In the past, we discussed the global economy and we invited our entrepreneurs to take their places on the world stage. This is one occasion that they will experience the uncertainties and good fortune in the global environment. The financial institutions that have departments that promote Foreign Investment Banking and other Instruments should step up their education campaign and inform their clients when to strike. It will be interesting to see the balance sheets of the local banks when their annual reports become available.
Some experts feel that the markets should be allowed to correct themselves but it goes beyond that. It is more a matter of confidence as it relates to future financial operations around the world and governments cannot afford to encourage any situation whereby the international currencies will be destabilised.
The signs on Wall Street are not encouraging. We have great faith in Sir Dwight and his team and would only hope that our financial prudence at our Eastern Caribbean Central Bank is so strong that it will withstand the current financial storm. Caribbean leaders in government and business are accused many times of not taking timely actions and sometimes lack adventurism. We refer to our Bankers as being risk averse. However, this is one time we would like to know that our Bankers have not ventured too far out at sea.
It is interesting to note Donald Trump’s advice that investors should not panic, they must have faith in their institutions and the situation on Wall Street will correct itself in the long term. He is relying on John Mc Cain to clean up the mess when he becomes President. If that is his projection for the markets then I am not comfortable with it as he is not reading the writing on the wall. The pollsters are predicting a different outcome of the Presidential Election as the polls have shifted sharply in favour of Barack Obama. Maybe, Donald Trump is aware of a knock out punch that will put Obama on the canvas.
At the local level, it seems to be business as usual. Thanks to the subsidies on certain commodities, in particular – fuel. Apart from increased food prices, people seem to be coping with the situation. Smart people have learnt not to complain as it is one sure way of losing friends. No one is looking to bail out anyone. These are rough times. It is all about the individual survival. Take your troubles to God – He cares!
The Commonwealth Finance Ministers were here and they have left but I am not optimistic about any relief in the short term. In the region, our leaders have decided to move ahead with the signing of the EPA amidst frustration with the world economic situation. Maybe, they have concluded that things cannot be worst so opening the doors to an expanded EU relationship can’t hurt. The US sources for investment and tourists are in decline. It will be prudent for Governments of the region to develop new relations and deepen established ones for investment, tourism and services around the world. By the way, have we made any approach to do business with the Russians? It is time for our investment promotion agency to identify a list of the countries where we are not doing business and send off a delegation to explore opportunities in those countries.
Here is my selected quote for the week:
LET SUPERIORITY BE YOUR TRADEMARK
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It will be your constant effort to be first class in everything you attempt
that will help you conquer the heights of success.
Always do more than you’re supposed to do and you can have, be or do
anything you want.
Do a little more than average and from that point on your progress multiplies
itself out of all proportion to the effort you put in.
You can do a little more each day than you think you can.
There is always a best way of doing everything.
Find it.
To enjoy enduring success, you should travel a little in advance
of the rest of the world.
True success comes from being successful in little things.
Make it your life rule to do your best.
Copyright 2008 www.yourdailymotivation.com
Have a great weekend!
Keep the Faith, God is in Charge, Dream Big and Expect Miracles Everyday!!!
Edward Harris
Real Estate CyberSpace Specialist (RECS)
Freelance Journalist, Biblicist, Business & PR Consultant, Realtor, Networker, Private Sector & CSR Advocate, Motivational Speaker
Email: eaharrisdestiny@gmail.com
Website: http://www.stluciasimplybeautiful.com