Every day we see that the world economy is not doing well and that there is a MAJOR recession looming.On the flipside, we see that the annual NATAS (travel fair) has record bookings for holidays for the end of year holidays, Singaporeans have this "heck care" attitude that 'I want to enjoy now never mind about the world economy' which is quite disconcerting or is it that they have already factored the recession in ?
My opinion is that many people (myself included) have our heads buried in the sand and are in denial.America is on the verge of bankruptcy (thats my opinion) and whether the world can depend on the 2 emerging economic superpowers to save the day is anybody's guess. Chinese and Indian companies are muscling in (already) on infrastructure projects like Energy Grids and Steel, and of course the tourism sector still is buoyant from Chinese and Indian tourists. But the downstream future for S'pore in my opinion is quite pessimistic, looking at what Macau and Las Vegas have experienced major losses, the first time in a long while. So whats the upside ??
So I will cast my hat in the ring to say "Save $$ now, Minimise new expenses and frivolous holidays. Keep liquid preferably in EUROS, buy Gold and look for good bargains in equity like REITs (thanks Roland).
Its not while knuckle time, but my money is staying right in my pocket for the next few years.
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