A worldwide financial meltdown is in progress all over the world. Only yesterday I bought KOOR shares thinking that its holdings, Makhteshim and Credit Suisse, are solid. I am disappointed. The portfolio is seriously down. I am seeing great technical progress in all the industries including the water industry, computers are unexpensive and widely used, yet GNPs are static all over the world and standards of living are sinking. Look at the motives on old money: the producing technology - hammers, fishing nets, baskets for picking fruit - are primitive and inefficient. No one remembers what work meant only a generation ago. Yet I feel strongly that 30 - 40 years ago life was much easier in Israel than it is now. I have no explanation for this paradox.
6 comments:
Look, the West has over-borrowed on a massive scale and now cannot produce enough real value to get out of trouble.
Anon.
Yes, but 30 years ago there were no deficits and we worked under less stress and lived better.
I thought first that it was an old man's illusion, but statistics show that it not only my subjective impression. Real salaries have gone down!
Yes, but 30 years ago there were no deficits and we worked under less stress and lived better.
I thought first that it was an old man's illusion, but statistics show that it not only my subjective impression. Real salaries have gone down!
30 years ago there was a lot of slack in the system, so that for example, they could hire pretty women to sit at the reception and janitors to open the doors for you. In that era it was possible to obtain efficiencies at low human costs. Such is not the case today where the above receptionist has now to function as a sales rep, and secretary in addition to her other duties. This is due largely to the working out of the mantra of efficiency and consumerism, at the expense of other values such as competence, excellence and solidarity. Where can we find further efficiencies when a pair of jeans now cost about $10?
Ivan
Fuck! Credit Suisse is down!
It is a huge buying opportunity; a real gift.
Cheer up.
Anon.
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