| Poll: How Does the Financial Crisis Affect Your Travel Plan? | |
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| Oct 12, 2008 06:07 | #11   |
 | Comparing my trips to China from Feb 2008 to Sept 2008 the visa almost doubled in price (maybe due to the games) a direct flight to HK increased by almost 50% (in the end I went via Paris to save money but it took 15 hours instead of 11) and as Dave mentioned, the exchange rate was already taking a dive and is now far worse. So maybe the next trip will not be quite as soon as I'd hoped. |
| Oct 12, 2008 06:23 | #12 |
| Since Olympic, Yuan has appreciated by 10RMB for every 100RMB. Thus, some of my business friends are looking for alternatives for cloths and garments in other third world countries, such as Vietnam. |
| Oct 12, 2008 06:33 | #13 |
| Protections were defined differently in each country so of course there will be differences but slight ones. The only real difference is the how far will each country's economy will suffer from it. For now countries with better regulations are quite well preserved. We'll see how it develops. Plus, the variation of the currency value is not especially affected by the current crisis. There has been some variations of the Euro also from 1,50$ to 1,30$. However this range of fluctuation is normal for our currency (it has always been between 1,30 and 1,50). What you see for RMB is normal also since it is "indexed" to US dollar which value is increasing comparatively. |
| Oct 12, 2008 08:39 | #14 |
| Travel industry will be affected during the next 2-3 years at least. Global economy is down sizing. Pension liability and the interest expense and future lump sum payout of other long term debt burn will continue put corp. operation at high risk even if short term liquidity is relieved. Hence There is going to be subsequent restructuring programms - job cuts. because the cost of restructuring programs like termination fees and severance fees can wipe off huge future pernsion liability on their book. It's a cruel reality and general public discretionary spending like travel will be cut as a result! |
| Oct 12, 2008 19:22 | #15 |
| I cannot agree with some of the interpretations made here. If like Griz (and me) your money is invested in the market, you have NOT suffered any loss unless you sell your shares. We have suffered what are usually called 'paper losses. That is, they are theoretical only. This is especially true to the extent that the markets were in a bubble - ie prices were higher than the true value of the companies or property. The point is that this is a financial 'crisis', not an economic one. Sure an economic crisis might be triggered by it, but not necessarily. Many national reserve banks/governments have reduced interest rates and guaranteed banks' survival and so on: China will continue to invest to develop using its massive reserves; Australia will continue to sell resources to China and buy its manufactured goods. Yes, the world economy will slow down BUT economists and some governments were concerned we had an overheated world economy causing massive raw material price rises and a shortage of skilled workers at all levels. This was a major issue for China. Dave's holiday plans might be affected by the exchange rate but what does it mean for the economies? Not so long back the US was complaining that China's currency was undervalued and giving it an unfair advantage ;- well that has changed, the developed countries should be pleased. The price of petrol: well, many of us are delighted it has become more expensive. It is a major pollutant and a non-renewable resource. The higher price will encourage a more economical use of it: it's high time we, and especially the US and China did something about the 'gas guzzlers' on their roads. |
| Oct 12, 2008 22:21 | #16 |
| You explained this more clearly than me, Paul. Thank you for making my point. |
| Oct 13, 2008 04:04 | #17 |
| Dear all, Thanks for your participation. Your votes and replies are quite useful. Hope more and more members and guest can give their votes and remarks here. Community Moderators |
| Oct 13, 2008 21:42 | #18 |
| Life goes on, just need to work a little harder to keep on cruise control. |
| Oct 14, 2008 09:42 | #19 |
| GUEST33141 | No one knows how serious the current crisis will become. However, as the neoliberal order erodes in the US, Europe and internationally, we will see the end of a certain era of financial liberalization driven by market fundamentalism, creating opportunities for real change |
| Oct 16, 2008 19:46 | #20 |
| Financial Market irregulation shakes the whole economic platform. Hold on to what you do, like it or not. Life cruise has lots of fun! |
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