Which countries are less effected by the crunch?

[Puggit]

Seeing as our kind government presided over 10 years of unparalleled lending and now the chickens are coming home to roost, and we (the taxpayer) are going to have to fork out for the bill to bail out the reckless...

Taxes are going to go up BIG STYLE to cover for this mess.

Which countries are less effected, and might be a good place to escape to...?

[thehawk]

Australia and NZ, Asian countries.

[Asterix]

Latvia - as I was informed yesterday.

[NoelWatson]

thehawk said:

Australia and NZ, Asian countries.

Australia?

[speedy_thrills]

Puggit said:

Which countries are less effected, and might be a good place to escape to...?

Quite a few Arab states have yet to see any real effect, but they will in time. Find a country with less banking investment, so one leaning towards primary production and it'll feel the pinch less

[Guybrush]

... and to think Bliar and Brown's spinmeisters gave the media the word "prudent" to describe Brown.

[speedy_thrills]

thehawk said:

Australia and NZ, Asian countries.

We are in the same boat, just not quite as bad (yet).

[arfur]

Barbados is fine so far. house prices rising and everything else as per normal so far. May be hit a bit next year by less tourism, but we will wait and see...


anyone on ph want to rent my house for a get away from it all holiday???

[Puggit]

arfur said:

Barbados is fine so far. house prices rising and everything else as per normal so far. May be hit a bit next year by less tourism, but we will wait and see...


anyone on ph want to rent my house for a get away from it all holiday???

Maybe

[thehawk]

speedy_thrills said:

thehawk said:

Australia and NZ, Asian countries.

We are in the same boat, just not quite as bad (yet).

Aus and NZ do not have the same exposure levels as UK/US institutions, however they are being dragged down because of it. Their banking systems are considered to be pretty sound. (Aus 4th in the world, UK is 44th for banking stability). Both have large amounts of foreign income from primary producers or resources.

[playerone]

thehawk said:

Australia and NZ, Asian countries.

House prices in NZ arguably have further to fall than even the UK. Interest rates in NZ have always been among the highest in the western world. I know people who are on fixed rates of 10%.

The banks there arent as exposed to some of the really toxic debt but they wont escape unscathed.

[Fiddlemesticks]

I'm in oz. Trust me, its being affected.

Job availability dropping.

Mining companies reducing plans

House prices reducing

Interest rates just cut

Stock market right down

Currency crushed.



Where do you think they are fine?

[zax]

If we're to believe those in charge, Finland!

6/10/2008 - "No need to raise bank deposit guarantee" says finance minister
7/10/2008 - "Bank deposit guarantee now raised" says finance minister
8/10/2008 - "Finnish banking is stable & money is safe" says prime minister

Just waiting for today's quote But hopefully the experience of the early 90's has kept things in line...

[marvelharvey]

Japan seems to be doing fine, in the past couple of weeks their yen has strengthened against the major currencies by at least 10%.

[speedy_thrills]

thehawk said:

speedy_thrills said:

thehawk said:

Australia and NZ, Asian countries.

We are in the same boat, just not quite as bad (yet).

Aus and NZ do not have the same exposure levels as UK/US institutions, however they are being dragged down because of it. Their banking systems are considered to be pretty sound. (Aus 4th in the world, UK is 44th for banking stability). Both have large amounts of foreign income from primary producers or resources.

But banks made the same mistakes lending to speculators and DIY BTL enthusiasts.

[tamore]

any country who's economy is almost purely oil must have had little change. nigeria for example. oil prices are now at a good level for the buyers and sellers, long term anyway.

[2something]

Maybe Switzerland, you always needed over a 20% deposit to buy property there, but they will be affected by EU economics stalling nearby like Germany.

UBS lost a rather large amount, but made huge cash calls to shareholders instead of the government. Why they decided that lending to poor Americans with little to no deposit in an overheated market (this is the paper they bought) was a better idea than lending to conservative rich Swiss with a 20% deposit is a bit beyond me.

[NoelWatson]

marvelharvey said:

Japan seems to be doing fine, in the past couple of weeks their yen has strengthened against the major currencies by at least 10%.

Is this not at least partly related to carry trade unwind?

[thehawk]

Fiddlemesticks said:

I'm in oz. Trust me, its being affected.

Job availability dropping.

Mining companies reducing plans

House prices reducing

Interest rates just cut

Stock market right down

Currency crushed.



Where do you think they are fine?

The question was what countries are less affected, I think Aus & NZ fall into that category.

House prices reducing is a good thing.
Currency is good for exporters and tourism, it will come back when the panic subsides.
There are still loads of jobs.

http://business.theage.com.au/business/australian-...

[Nitro...]

Iraq?