Have seen a fair bit of UK/Europe ecomies in past few weeks=holidays!
UK market outside of London is stuffed due to housing issues. London is simply stuffed across the board. Paris could not care whether it was stuffed or not, Rome has been stuffed since 400AD and the fall of the Roman Empire and still survives quit nicely, Frankfurt would never admit it was stuffed nor did they ever loose the war!LOL
But they are bleeding big time though the Aussie press rarely covers that point.
Asia has developed more resiliance since the collapse late 90s. Property prices in Singapore have dropped after a good 4 year run, though it does not appear to hold the same angst we have about property. All the shopping malls are doing pretty well.
The Reserve drops rates 1 % but the A$ rallies? There goes first and second year economics-now moving into post graduate econometrics! Answer fear and greed still the dominant economic priciple-but qualify greed with a level of confidence (which the RBA just gave) before greed kicks in?
Have the second tier banks been saved-in the USA-or did they need saving? Have they already bundled their mortgage portfolios up to the majors and kept liquid through their inherent regional deposit bases???
Liquified some of my physical gold holdings this morning and will now wait and see.
Bottom of the market? Maybe, but would still wait and see more positive news/market reactions over coming weeks before my sheckles are let loose in any serious fashion. Banking systems are rarely turned around in one afternoon.
Good luck....
Cheers,TAS-who still thinks the A$ should be over 90 cents US (have some travel expenses to pay!LOL)
