Good morning when you read this, Maurice. We have just returned from a dinner with some of my wife's classmates.
There was the Central Banker (HK Monetary Authority), the McKinsey consultant, the capitalist toy manufacturer's son and his wife.
Topic One: Economy and spending habits - down, and shifted way down, just in case, why take a chance, even by the wealthiest 1.5%. No holidays. No first class flights. No new cars. No loose diamonds.
Topic Two: Unemployment - hitting a lot of folks we know, and, paradoxically, people seem to be spending in spurt right before being terminated because they are afraid that they will not be able to spend again for a long time.
Topic Three: Spare time - lots and oodles, for sport and fun, because there is little else to do.
Topic Four: Employment - many 30-something professional people in HK are accepting mainland China wage scales and moving across the border (USD 1.5-2.0k).
Topic Five: Investment - do nothing, and in cash, but away from USD to a greater degree than before.
Chugs, Jay |
