You are correct. Thus, for example, the British Chancellor has said that Britain faces the direst situation in sixty years -- and considering the travails which have afflicted Britain over the last few decades, that's quite something. Commodity exporters will fare better, but even they will be affected by the tectonic change in the international trading and financial system that will -- that must -- imminently change (i.e., over the next few years). Incidentally, US hegemony is probably over and it will be jostling for influence, with reduced means, with up-and-coming powers."kenmtraveller" said:I am no economist, but my guess would have been that argentina would weather a global finance meltdown pretty well. It's a commodities exporter, and while commodities are down over the last few months, they're still up hugely over the last few years. It's disconnected from the global financial system. Well, isn't that a good thing now? Argentine banks probably don't have a lot of money invested in US mortgages.
It seems to me that nations that have been running trade deficits, and nations with service-oriented economies, will do worst. Or, am I missing something?
Maybe it's time to diversify."Dudester" said:I need some quick advice. Lehman Brothers files for Bankruptcy and Bank of America is buying Merrill Lynch. I have a lot of money in Morgan Stanley and Fidelity. Should I pull it all out ASAP or sit this out..... Is there ANY chance Morgan Stanley is gonna follow in the foot steps of Lehman Brothers?? I hear it mentioned a lot. How The F*** did this happen !?!?! Who's watching the "hen house"???? Really appreciate any info, Thanks, Dudester