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Thread: Poll: How Does the Financial Crisis Affect Your Travel Plan?
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[quote=APAULT,329868]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.[/quote]
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