How long can 1 euro and 20 cents last?
Yes I am in Rome; city of beautiful women, gallant men, wonderful food, splendid ice-cream and breaking infrastructure. It is rather surprising how quickly the spirit of downturn settles in – one can already see it and, let’s face it, smell it in Rome. So many homeless people again, sleeping on the street. Continue reading
Phew! I have a bank account…in Bulgaria
Walking the streets of large cities in any country is like meeting a person – the outside of what you see is a pretty good measure of what you may find inside. This old rule, a modification of ‘as above so below’, generally works although there can be exceptions. When you walk down the streets of a city they may be lined with shops, with art galleries with eating places. Sometimes, the streets of large cities are lined with banks – banks shout aspirations. Continue reading
Why I say ‘negative wealth’ and not ‘debt’?
Those amongst my readers who either ‘know me’ from elsewhere in the virtual world or are very perceptive (or both) have already noticed that I hardly ever – in fact, it is fair to say that I never – talk about ‘debt’. Except to strike it and substitute it for ‘negative wealth’. It is time to clarify why I talk about ‘negative wealth’ rather than about ‘debt’. I have come up with four main reasons for that. Here they are. Continue reading
Castles and homes: when does it make sense to rent?
Sometime ago the Office for National Statistics published its report Wealth in Great Britain: main results from the wealth and assets survey 2006/2008. According to it on average half of our wealth is tied in non-income generating real estate; or put in another way in our houses. This should not come as a surprise: people in the UK see their houses mostly as an investment. More seriously, we see our houses as our main investment. Our houses are our castles and paying off the mortgage gives us a sense of security and achievement. Continue reading
