Flight

Originally posted on Michael Roberts Blog: As I write on Monday 24 August, stock markets around the world are taking another plunge.  Most markets have already fallen by 10% in the last month.  Why is this happening? The reasons are clear.  The Chinese economy, now officially the largest in the world (at least as measured…

I don’t know how I got here. A 69 year old woman should be sure, but there were so many dishonourable moments heart aching losses, worrisome holes, that sit under my comfort zone.

Of course it was quite simple in 1977, age 24, I went to the airport with the acceptable fiancé, got on a plane and flew more than halfway around the earth. Landing disoriented and lonely in Auckland airport. He was nice enough, sweet enough, we went to a festival where many groups were half dressed, I even think I saw Bob Dylan.

For three months we lived (I half lived) with my accountant fiancé and his sanyassin girlfriend ‘Shiva Khama’

Also strangely enough I became pregnant. In a fuzz NZ doctors gave me the bad news that abortion was not available in Auckland, but fortunately they were in touch with a group in Sydney who would help me.

That is the real reason I came to this stolen land, to this land belonging to the elders to the original owners. And the woman’s group was wonderful. They took me safely and supported through an abortion and I stayed in Sydney knowing nobody, but it was a city of dreams.

michael roberts's avatarMichael Roberts Blog

As I write on Monday 24 August, stock markets around the world are taking another plunge.  Most markets have already fallen by 10% in the last month.  Why is this happening?

EM stocks

The reasons are clear.  The Chinese economy, now officially the largest in the world (at least as measured by the IMF’s rather weird purchasing power parity method), is slowing fast.  Every bit of data coming out of China shows a worsening situation for manufacturing output, investment, exports and, above all, the purchase of raw materials from other countries.  The drop in demand from China for basic commodities has caused a huge drop in commodity prices (the prices for oil, food, iron, coal, industrial metals etc).  This drop in prices means less export sales for the likes of Brazil, Australia, Indonesia, Argentina etc.  Also the Chinese are not buying so many BMWs, luxury handbags, machine tools, cars etc at…

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