World Stock Markets Rally to Pre-Lehman Levels
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Tuesday, December 21, 2010
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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3 Comments:
This is huge news but U.S. financial sites that I look at don't seem to think so.
MarketWatch.com, SeekingAlpha,com and YahooFinance.com do not highlight this achievment at all.
The U.S. is still very econcentric but even the average person, with 401K(B) investments or college saving accounts, would be well served to note the MSCI index.
It is interesting that the U.S. still does not have much interest in a global perspective in these other areas: the metric system; learning other languages; or aligning the national tax system to the competitive global marketplace.
The first line of my comment should read:
This is huge new but otherfinancial sites I look at don't seem to think so.
Americans think the world revolves them, a perspective constantly refreshed by our foreign policy-military archipelago and its PR machine and minions.
There are great investment opps throughout the Far East, where a boom is taking place that will ultimately dwarf anything that happened in the USA.
The only risk I see is that the Communist Party still controls China, and indeed controls majority voting shares of all public companies in China (a fact not revealed in Western prospectuses).
Without allocation of resources by price, China may collapse the way the Soviet Union did. Making predictions is hard, especially about the future. What would happen in China after a collapse it hard to tell--free enterprise, or even more state control?
Still, my sense is that the future is in the Far East. Invest there and move there if you can.
The USA is sinking under a subsidized rural economy, a huge military parasite complex, a mandarin class of lawyers and litigants, and huge welfare classes of all kinds. To top it off, we have mediocre governance, and a Fed that may strangle growth through too-tight money (ala Japan).
Tough choices out there.
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