Well back today from Spain, its raining here surprise surprise! We traveled up from Plymouth to home yesterday through virtually non stop rain. Now sitting in my office and its pouring with rain outside, what a great summer. Well at least we had a week of sun in northern Spain before we came back. Now feeling nicely rested and slightly broke!
I have read some of the papers since returning from holidays and it seems that economically there is unremitting gloom, many commentators are saying that things can only get worse - but frankly I think that we ain't seen nothing yet.
When the true nature of the financial instruments sold at the height of the boom last year are known there will be major write downs, further bank failures and many more jobs lost in the City and across the financial sector. Well at least people reading the papers now know that there is a lot of trouble ahead and that the boom time is over.
We will see "make do and mend", austerity and a sharp reduction in personal spending. For those old enough to remember its a wee bit like the "loadsa money" period of the 80's personified by Harry Enfield's greedy character, which came to an abrupt end with the recessionary period of 90-92, or deja vu is coming your way soon!
I read a great book by Jim Mellon & AL Chalabi called "Wake Up" some two years ago, their initial predictions seem to be steadily coming true. If they're right then property will collapse by more than 50%, bankruptcies will rise, companies will feel the draft and unemployment will be a real problem.
So that's alright then! Seriously though this book is worth a read. I have provided a link to their website above.
Well now time to clear the desk before the real work starts again Monday.