• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Noulakaz

The blog of Avinash, Christina, Anya and Kyan Meetoo.

  • Home
  • About
  • People
    • Christina & Avinash Meetoo
    • Avinash Meetoo
    • Christina Meetoo
    • Anya Meetoo
    • Kyan Meetoo
  • General
    • News
    • Mauritius
    • Politics
    • Education
    • Business
    • Travel
  • Computing
    • Apple
    • Linux
    • LUGM
    • Programming
    • Web
    • Technology
    • Knowledge Seven
  • Entertainment
    • Music
    • Movies
    • Photography
    • Sports

Peter Schiff Was Right

26 November 2008 By Avinash Meetoo 12 Comments

While watching this video, I realised how “Nul n’est prophète en son pays” is so true.

In a Vanity Fair article (found using Google I swear), Joseph Stiglitz, Nobel Prize winner in 2001, writes: “When the American economy enters a downturn, you often hear the experts debating whether it is likely to be V-shaped (short and sharp) or U-shaped (longer but milder). Today, the American economy may be entering a downturn that is best described as L-shaped. It is in a very low place indeed, and likely to remain there for some time to come.”

Living in a country like Mauritius where the economy is relatively solid is precious.

Filed Under: Mauritius, News, Politics

Reader Interactions

Comments

  1. Harish says

    26 November 2008 at 20:36

    So very true!

    But I would have thought that the global economy; Mauritius included is feeling the effects of the downturn, at least according to the news which we get in the Uk, this is impression which we are getting.

    Harish

  2. S says

    27 November 2008 at 05:44

    Your last sentence is untrue. Mauritius relies on the global economy. If Europe or US are doing bad, Mauritius will do worst.

  3. avinash says

    27 November 2008 at 07:10

    The US is in recession because of the consequences of the toxic loans bank made to US citizens. We don’t have such things here i.e. the economy is “more real.” The Government and most financial institutions (including banks) here agree on this.

    Of course, we’ll suffer but not as in the US and in Europe. In fact, the Mauritian economy is in good shape (4.5% of economic growth predicted this year.)

  4. Eddy Young says

    27 November 2008 at 12:38

    @Avinash – Yours is a rather simple way of analysing the situation, don’t you think? After all, these banks you are referring to lend money on a global scale, and Mauritius will not be getting part of that because of the credit crunch.

    With the weaker economy, people in Europe and the US have less purchasing power. Guess what? They spend on trips to Mauritius and/or apparel produced in Mauritius. If Mauritius exports less, the economy suffers. To make a bad situation look even bleaker, consider that what is left for europeans and americans to spend has be spread on imports from not only Mauritius but all its competitors.

    In hindsight, mine is also a simple way of analysing the situation, but at least I am not looking through pink-tainted glasses. The truth is, things move so slowly in Mauritius that changes that would be sudden in Europe and the US (like stock values being wiped in the millions in a few seconds) take time to propagate to there. Until now, Mauritius has been lucky in that such movements of the global economy have been countered before they have any real impact on the island, but this global recession is looking to be a lasting one and I think it will have an impact on Mauritius before it is over.

    4.5% of economic growth in these times would really put Mauritius up there. But I doubt it.

    Eddy.

  5. avinash says

    27 November 2008 at 13:19

    Hi Eddy,

    I am not doing any analysis (I can’t in fact as I am just an amateur for anything concerning finance.) I’m just relaying the official position of the Government and what a number of reputable financial institutions have said (including the MCB a few days ago.)

    Of course, Mauritius will suffer: the tourism industry for one. But here many people believe the economy is *relatively* resilient. In fact, no big Mauritian firm is in financial trouble right now compared to what is happening in the US and in Europe.

    This is also a consequence of us having a relatively small and diversified economy.

  6. Eddy Young says

    27 November 2008 at 14:01

    Well, I am not an expert in any way either, but when I see countries all around the globe going into recession, I have to be suspicious of anyone’s claims that their economy will grow by that much.

    Eddy.

  7. carriad says

    27 November 2008 at 18:44

    When the crunch hits Mauritius in the big bad way, the people will take to the streets. Alleluiah ! …

    Only the Min of Energy is thinking ahead and taking practical steps…

    We are not self sufficient in anything in fact our staple food is rice and bread yet we don’t grow rice or wheat, our sugar is going the dodo way, we have no natural resources, we have a ‘skilled’ labour force which is turning green at the prospect of going ‘green’ aka go back to agriculture, we rely on tourism heavily which is soooo vulnerable, we have an IT dream but still sleeping on our ears, we have a disfuntional basket of politicians, we are heavily indebted to our so called ‘indian’ ‘white’ ‘african’ ‘chinese’ roots because of our origins to which our ‘mother country’ gives a deaf ear and we fail to understand the concept of ‘motherland’, we are in deep cultural identity crisis, we are still slaves of our past colonial masters ( Cambridge, IB ?), …and the list goes on.

    But we are a power house of copying, maybe we could copy the best model and make it work for ourselves ?

    money, can’t we grow it on trees ? the climate is good, the soil fertile … any takers ?

  8. carriad says

    27 November 2008 at 18:47

    sur quel nuage vis tu Avinash? any rosy pink puffs ? …. do you have a room full of gold bullions?

  9. carriad says

    27 November 2008 at 18:51

    anything below 5% is considered slowwwwwwww in finacial growth terms. There are floating investments worth 10 billions a day in India which gets it at 9% which is the fastest ….. do you think Mauritius can go any close to a 7% even ? How ?
    A la Houdini way …by Cyber parks extolling call centres with Mauritian shares of 40% only !

  10. avinash says

    27 November 2008 at 21:37

    I know it seems bizarre to say that the Mauritius economy is relatively “solid” but I’m just basing myself on (i) what I’ve read lately and (ii) what some friends working in the private sector have hinted when I asked them.

    Of course, this is exactly what the “opponents” to Peter Schiff kept repeating… so who knows? You may be right after all. Let’s wait and see.

  11. Vic says

    1 April 2009 at 22:38

    Just want your readers to be aware of something…
    Even with all the troubles facing the American economy, this is still the best country in the world to live, work and raise a family.
    In every county on this planet, there’s a waiting list of visa applicants who want to migrate to America. No one in the USA is on a waiting list to migrate to China, Russia or where ever. This to me is ample proof that most people still regard this country as the best and with good leadership, this recession will be soon behind us.

  12. avinash says

    2 April 2009 at 08:27

    Interestingly, I was reading an article the other day in an Indian magazine which was saying that this year the number of returning Indians from the USA exceeded the number of migrating Indians… But I agree. The USA must be a great place to be. But maybe not right now in the middle of the recession.

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Our Personal Websites

Avinash Meetoo
Christina Meetoo
Anya Meetoo
Kyan Meetoo

You may also like

Default ThumbnailThe Peter Principle Default ThumbnailThe Good Place and Life in Pieces Default ThumbnailDeutschland, a TV show on Germany during the Cold War Default ThumbnailGoogle G-Mauritius Day 9 in the news

Random Posts

WordPress is here to stay

Dream HiFi setup: NAD and Dynaudio

Rest in peace Captain Dick Twomey

Recent Comments

  • Memento Mori by Depeche Mode on My Top 50 Depeche Mode songs
  • Memento Mori by Depeche Mode on I have my dream HiFi setup: Audiolab and Elac
  • Avinash Meetoo on High-End Hi-Fi Audio Companies

Archives

  • March 2023 (5)
  • February 2023 (1)
  • December 2022 (1)
  • November 2022 (1)
  • October 2022 (4)
  • August 2022 (3)
  • July 2022 (3)
  • June 2022 (5)
  • May 2022 (5)
  • January 2022 (3)
  • December 2021 (2)
  • November 2021 (1)
  • October 2021 (1)
  • September 2021 (4)
  • August 2021 (2)
  • July 2021 (14)
  • May 2021 (2)
  • April 2021 (4)
  • March 2021 (9)
  • February 2021 (2)
  • January 2021 (1)
  • October 2020 (1)
  • September 2020 (1)
  • August 2020 (2)
  • July 2020 (5)
  • June 2020 (3)
  • May 2020 (5)
  • April 2020 (6)
  • March 2020 (2)
  • February 2020 (2)
  • January 2020 (2)
  • October 2019 (1)
  • September 2019 (2)
  • July 2019 (2)
  • June 2019 (1)
  • May 2019 (3)
  • April 2019 (2)
  • March 2019 (1)
  • February 2019 (1)
  • January 2019 (3)
  • December 2018 (1)
  • October 2018 (3)
  • August 2018 (2)
  • July 2018 (2)
  • June 2018 (1)
  • May 2018 (1)
  • April 2018 (1)
  • February 2018 (1)
  • December 2017 (1)
  • October 2017 (1)
  • September 2017 (1)
  • August 2017 (1)
  • July 2017 (1)
  • May 2017 (4)
  • April 2017 (3)
  • March 2017 (4)
  • February 2017 (5)
  • January 2017 (3)
  • October 2016 (1)
  • September 2016 (1)
  • August 2016 (4)
  • July 2016 (1)
  • June 2016 (1)
  • March 2016 (3)
  • February 2016 (3)
  • January 2016 (1)
  • December 2015 (1)
  • November 2015 (2)
  • September 2015 (1)
  • August 2015 (3)
  • March 2015 (1)
  • December 2014 (1)
  • November 2014 (4)
  • October 2014 (1)
  • March 2014 (2)
  • February 2014 (3)
  • December 2013 (1)
  • October 2013 (1)
  • September 2013 (1)
  • August 2013 (1)
  • July 2013 (1)
  • June 2013 (2)
  • May 2013 (1)
  • March 2013 (3)
  • January 2013 (2)
  • December 2012 (3)
  • November 2012 (4)
  • September 2012 (3)
  • August 2012 (2)
  • July 2012 (3)
  • June 2012 (2)
  • May 2012 (1)
  • April 2012 (2)
  • February 2012 (1)
  • January 2012 (4)
  • December 2011 (2)
  • November 2011 (1)
  • October 2011 (4)
  • September 2011 (2)
  • August 2011 (1)
  • July 2011 (2)
  • June 2011 (4)
  • April 2011 (7)
  • March 2011 (2)
  • February 2011 (1)
  • January 2011 (3)
  • November 2010 (3)
  • October 2010 (1)
  • September 2010 (2)
  • August 2010 (4)
  • July 2010 (2)
  • June 2010 (1)
  • May 2010 (3)
  • April 2010 (4)
  • March 2010 (3)
  • February 2010 (3)
  • January 2010 (5)
  • December 2009 (2)
  • November 2009 (3)
  • October 2009 (1)
  • September 2009 (5)
  • August 2009 (3)
  • July 2009 (1)
  • June 2009 (3)
  • May 2009 (2)
  • April 2009 (7)
  • March 2009 (12)
  • February 2009 (10)
  • January 2009 (5)
  • December 2008 (4)
  • November 2008 (11)
  • October 2008 (6)
  • September 2008 (7)
  • August 2008 (3)
  • July 2008 (8)
  • June 2008 (6)
  • May 2008 (5)
  • April 2008 (7)
  • March 2008 (6)
  • February 2008 (3)
  • January 2008 (6)
  • December 2007 (11)
  • November 2007 (10)
  • October 2007 (7)
  • September 2007 (9)
  • August 2007 (3)
  • July 2007 (7)
  • June 2007 (8)
  • May 2007 (14)
  • April 2007 (11)
  • March 2007 (18)
  • February 2007 (14)
  • January 2007 (15)
  • December 2006 (16)
  • November 2006 (10)
  • October 2006 (7)
  • September 2006 (8)
  • August 2006 (8)
  • July 2006 (6)
  • June 2006 (4)
  • May 2006 (13)
  • April 2006 (10)
  • March 2006 (11)
  • February 2006 (7)
  • January 2006 (14)
  • December 2005 (8)
  • November 2005 (6)
  • October 2005 (7)
  • September 2005 (2)
  • August 2005 (6)
  • July 2005 (2)
  • June 2005 (6)
  • May 2005 (15)
  • April 2005 (12)
  • March 2005 (3)
  • February 2005 (8)
  • January 2005 (3)
  • December 2004 (1)
  • November 2004 (2)
  • October 2004 (2)
  • September 2004 (3)
  • August 2004 (3)
  • July 2004 (3)
  • June 2004 (3)
  • May 2004 (6)
  • April 2004 (10)
  • March 2004 (12)
Creative Commons License This work is licensed by Avinash Meetoo under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 Unported License.