The German word ‘Zeitgeist’ describes ‘the ethos or mood’ of a select group of people. And the financial zeitgeist is clearly changing. Back in August, I marvelled at the contradictory views then being expressed: ‘We see a lot of people on the Street who are scared. We are not scared. We are not panicked. We […]
Chemicals and the Economy
USA adds $746bn to support housing
Housing, as we know, is an absolutely key market for the chemical industry, both directly and indirectly. Directly, each new house accounts for $16k of chemical demand, whilst indirectly, years of rising western house prices has allowed consumers to cash out their gains to spend on Asian imports. Now this virtuous circle has turned with […]
Interesting Quotes
Normally a 275 point fall on Wall Street, and a 600 point fall in Hong Kong, would make for some headlines. But this time, the media coverage has been very muted. Presumably everybody thinks it will be another ‘9 day wonder’, and believes with Chuck Prince of Citigroup that one simply has to keep ‘dancing’. […]
NINJA turtles ride again
The head of Germany’s financial regulator is warning that US subprime mortgage problems may be about to lead to the worst banking crisis since 1931. Yesterday, WTI crude broke through its 1980’s highs to hit a new all-time record price of $78.77/bbl, and looks poised to push on past $80/bbl. And adding to the sense […]
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