Saw Mr Sze Wing-ching, the Boss of Centaline Real Estate while watching TVB news on SBS (www.sbs.com.au) channel the other day. He described the current situation in the real estate industry HK as "Ice Age", during which NOT just one or two species extinct, but ALL species will be in trouble. And his agency just fired about 600 staff from his 3,500 workforce!
And now everyone is pouring money to the Safest Place on earth, the US Treasury Short Term Bonds, which is paying a pity around 0.3% interest .
I saw in news US people are rushing to buy safes, so that they could lock their cash at home, rather than leaving them in an unsafe bank, as noone knows which bank to collapse next.
Just earlier this evening, I learnt from SBS news the IMF stated the current situation is the worst since the 1930's Great Depression. And the Irish Government has extented to Guarantee ALL money (i.e. NO Limits) kept in banks from initially in Ireland only to Irish Banks operating in UK.
This is Pure Panic Everywhere.
This means even the US$700 Billion Bail Out package is approved by the US Congress tonight, it would only Buy More Time. The problem is so BIG now, it would not just go away without Massive Damages.
One of which could be Massive Unemployment.
The Worst Time has Yet to come.
Cheers
Fate
Failing To Plan is Planning To Fail
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