Much to the chagrin of every JAP that I know I am posting this.
RandomSouthFloridaPrincess: Uggh, I just have to get back to the city, I miss it so much
Me: Yeah, I’ve never been to New York
RandomSouthFloridaPrincess: mouth drops WHAT? Are you serious? serious tone Oh my god you have to go..
Well, sorry to say, but an empire never lasts forever. I think Asia which has more people, more resources, more room to grow, most importantly cheaper labor and human capital.
If you are an economics nerd, like I so happen to be, then you would argue that certain areas in Asia have a surplus of relative factor endowments. True, the growth in Asian economies has been fueled by our excessive marginal propensity to consume, but our consumption will collapse with the downfall of our greatest asset in mortgage equity. With the slowdown in domestic investment coupled with the fall in the value of the dollar, NY will suffer and the financial industry will immigrate. Leaving the city fueled entirely by entertainment. A menagerie of fashion and freaks, a permanent circus attraction. Well, I’ve never been there so maybe I’m not qualified to say so, but I am anyway.
Five people just left the blog for good after reading all of that.
“We still are negative on the dollar relative to most major currencies, so we bought stocks in companies that earn their money in other currencies,” Buffett said Oct. 25. Buffett, 77, is chairman of Omaha, Nebraska-based Berkshire Hathaway Inc.
`Moving to Asia’
Jim Rogers, a former partner of investor George Soros, said last month he’s selling his house and all his possessions in the U.S. currency to buy China’s yuan.
“The dollar is collapsing,” Rogers said last week in an interview. “I’m moving to Asia because moving to Asia now is like moving to New York in 1907 or London in 1807. It’s the wave of the future.” — Bloomberg
Pretty soon, it’ll be “OMG you haven’t been to HONG KONG? you have to go!”