Where to find cheap stuff
What do you do when the world is falling to bits around you? You can panic. After all, everyone else is. Or you could not panic. Here at MoneyWeek, we’re going for the latter.
We at least have the advantage of not being surprised by the events of the last few weeks. Regular readers will know that, with a few minor wobbles, we have remained utterly pessimistic about the global economic outlook for going on a decade. We’ve never believed that things would return in a hurry to what those who have spent the last 30 years in the market consider to be normal; and we’ve always assumed that the endgame of the popping of the great credit bubble would be not one, but an ongoing series of sovereign and banking crises.
This is helping us keep things in perspective. You see, while things are bad (OK, very bad), I can’t agree with last year’s bulls when they tell me (repeatedly in panicky voices) that this is “the worst global economic crisis ever”. There are many other contenders for the “worst ever” prize (I give you the end of the Roman Empire, the Black Death in Europe, World War I, etc), so much so that I can’t even see future financial historians putting our crisis in their top ten (yet).
• Read the full editor’s letter here: Where to find cheap stuff.