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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Thu Jan 11, 2007 5:35 am Post subject: Never Mind the Price Tag, - Part 1 |
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Never Mind the Price Tag, - Gap between the haves and haves nots widens - Part 1
The gap between the 'haves' and 'have-yachts' keeps growing with the stock market. Watch out for that iceberg!
MORE THAN 1,000 YACHTS went on display last week at the New York National Boat Show. They included the $1.1 million Cruisers Yacht 520 Express.
But that's peanuts compared with the Sunseeker Trideck, now on sale in Mayfair, London. Complete with a dining table made of American black walnut that seats twelve, it weighs more than 150 tonnes and costs $16 million.
Never mind the price tag. Boat yards expect strong orders for such opulence in 2007, according to Reuters. And why not? Strategists at the top 14 firms on Wall Street all agree the US stock market will rise this year. Up on the sky deck, money shufflers from across the world are sipping cocktails in the hot tub.
The Dow just made a new all-time high (in Dollar terms, at least). Australian stocks keep hitting fresh record highs. British house prices have trebled in 10 years. The global market in fine art rose 23% last year.
So it's easy to see where all the money went – even if you can't see where it came from. The flood of liquidity unleashed by central bankers went into asset prices, rather than into the cost of living. Okay, the expense of finding an electrician or plumber might have risen as fast as your house price. But the cost of living billed each week by Wal-Mart, Tesco and Gap has sunk where it hasn't stayed static.
Here at BullionVault , however, we can't help wondering where all the money came from...and where might it go?
Consumer debt has been soaring – and asset inflation still surging – even as borrowing costs have risen. Last year saw record new debts for the household sector in the United Kingdom. So says the Bank of England. Yet the Old Lady herself raised base rates to take the heat out the bubble.
Full article - http://www.marketoracle.co.uk/Article213.html |
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