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The inferring line

We all see the news, we see what is implied and we wonder on what it means, at least that is what some of us do and the news is always sided to the part they want to illuminate, there is no evil or bad intentions there, it is the way the writer thinks, or the view that the writer has. We might agree, we might disagree, but the writer is entitled to the view they have, at least that is what I think, so when I see ‘Technology of Business’ in the BBC, I wonder about the ‘Business of Technology’, it is not merely the reversal of a phrase, behind it lingers the fact that a formula and solution are reversible, or in Market Research there is the unwritten law (well, perhaps, seemingly unwritten), that it cannot be reversed, as such when the factorial analyses goes in one direction, the opposite would be a discriminant analyses, if the factor is proven, the discriminant analyses should always fail, no exclusions to that, if both make it there is a connecting factor in play, not really a covariant. When you realise this, there is a much larger truth to be seen. SO in this I do not oppose ‘Have we become too reliant on Big Tech firms?’,
I merely wonder about the elements behind this. When I was working in the 90’s in IT, on the edge of IT, there was an unwritten law to steer clear of one another in Big tech, so to not get in each others fairway and maximise profits, as such we see the advantage that players like Google and Amazon have. They researched their part and they went their own way. I am merely looking at these two because Microsoft, IBM, Sun and a few others were overlapping and they had their own way of setting the stage. So there might be truth in “Big Tech firms have been getting even bigger during the pandemic and their success means they have plenty of funds to snap up other businesses”, yet the involved stage is a little larger than projected. So I do not disagree with people like Sandeep Vaheesan when they give us “All of them will be in the M&A [mergers and acquisitions] game if they’re not already. Start-ups are more likely to sell out during the pandemic when they might struggle to meet their obligations and the buyout looks especially attractive – the pandemic is speeding up the buyout date in some cases”, I am merely seeing that this stage was in play for much longer and now we might focus on what the larger players are gobbling up, yet this is not any difference from what has been going on for 20 years.

It is the way business works, the larger fish eats the smaller one. Adobe ate Macromedia (I still believe it is the other way round), Novel got wordperfect, Microsoft ate entire shoals of software makers and so on. And yes, the pandemic has an impact that is much larger and that is not on the buyer, also not on the seller.  Some were surprised to see Microsoft acquire the game Minecraft for $2,500,000,000. The seller was mostly not unhappy, he went from mama basement software developer, to nerd to multi billionaire.   It is the game developers dream to get that done and his game was addictive as hell (I know, because I have it on every console). Microsoft grew it even further with the direct ear of over 200,000,000 ears of needy gamers. It is marketing heaven for Microsoft, and that is before you realise just how much money is linked to the optional micro transactions.

At some point these firms need to rely on merging and acquisition to grow, it is merely the way it is, and sometimes nature hands these players a windfall (like the pandemic). I believe that we are not too reliant on big tech, I believe that we are in a holding pattern due to a lack of innovation, the innovators are out there yet they are not getting the visibility they need to push it along and that is a larger stage than we realise. You merely need to search ‘innovation’ on Google to realise that it is marketed and it is labelled, yet true innovation is the one element that defies labels and marketing, because I saw and learned that what a firm does not understand (in 1997) cannot be marketed, it cannot be sold, because its leaders are drawn to memo’s with bullet points and that is when you see firsthand how true innovation defies labels. It is a conclusion we have seen too often and lately a lot more often than we considered it.

Even when we see some brands giving a platform to the real innovators, it relies on someone recognising it and I agree that it is not a bad idea, but I also realise that if I do not see everything, then someone else is likely not to see it either. It is not a good thing, not a bad thing, it merely is and there big tech has its first problem, how to recognise it soon enough. Not everyone is a Steve Jobs, who was able to recognise 9innovation when it walked through its doors, Jeff Bezos et al is a different stock, a different breed, they made THEIR innovation, it does not mean that they can recognise it when it hits and there the true innovators have the challenge, on how to set their IP in a safe space where it can be recognised without them needing to set the stage of losing a lot of money hoping others will see it. It is the inferring line that they face and all innovators must face it, for the most they will rely on big tech who can afford to squander a purse of coins and not worry on how it hits them, it makes the game harder for innovators, but not impossible, they have options and on a global stage it does imply that these players will seek the largest beneficiary. When we see Huawei against Nokia and Ericsson we see that the two Scandinavian players have to set a wager holding a dead man’s hand, When we see Amazon, who is seen against its competitors Google Play, Apple play and so on, yet is it not interesting on how Alibaba and Ozone are not mentioned in plenty of places? Ozone particularly is not as big, but it is still a contender and in the stage of IP, where that patent is more important than most think it is. In this Alibaba has a larger benefit as it also delivers into Russia. The inferred line is thinner than we realise and there are more players, even as some ‘market’ them away into obscurity, you see when these players get the IP, they grow on a global scale and that is what is feared in the west and also by a player like Amazon, you see, they are the largest player and will remain so, but what happens when the dollar collapses? The way that this US administration goes about it, that setting is a lot more realistic than some are willing to admit and when the dollar goes, the Euro and the Yen will take massive hits, losses of 35% would be a good day.

Should you out that consider that the Financial Times (at https://www.ft.com/content/dbe16ce4-f154-4985-a210-279fa1f53e24, and them alone) gave almost 5 hour ago “Millions of digital banking customers unable to access their money after German group falls into insolvency”, consider that an impact like this should make the front page on pretty much EVERY paper in the west, yet the Guardian has NOTHING, and others are like that, something that hits millions is left unreported. So when we see a repetition of the Sony 2012 events (the Guardian was the reporter there), how much on innovation and how much innovation impact will not be reported on when it ends up in the hands of Alibaba and/or Ozone? How much marketing shielding will Amazon receive? The inferred line is something else as well, it shows where we are told not to look, when does true innovation actually do that? 

A line that is ignored by plenty of players is a line that might show actual danger, especially when its impacts our lives.

 

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Ch-ch-ch-changes

Today was weird, the shops were in full open mode and the people were also in full mode. As I was personally seeing it, in full repulsive mode. Police intervening on people making a fuzz, I saw the Chinese guy at my coffeeshop getting abused by a woman who was clearly not working with a full deck and a I was watching on the sidelines, I realised then that a lot of people were in fear mode, I am now rethinking today whilst I am listening to lullaby by the Cure. It all seems a little out of whack. In part I am happy that I have my laptop with a proper working space bar, yet I am also eager to investigate a few items and as I am rethinking on my musical needs, I am considering on the waves that we are facing and the impact that they have. You see, some see the entire lockdown as a negative way, I am too, yet I am also seeing the positive impact. Whilst people are looking and running around, I see that the economic stages are changing. 0.1% of the global population is diagnosed with the Coronavirus, a stage that is important, the numbers are low, there is an implied stage where up to twi ce the amount of people hav3e it and a lot of them are in America, as such Wall Street is seeing the unfolding of their worst nightmare, it is not about people that have jobs and people that do not have jobs, it is about consumers an their small realisation that they are dead. Some state between 450,000 and 500,000, but these are official numbers and several of the EU players are downplaying those numbers and they matter, they are consul era no longer consuming and Wall Street has never far ed this and they are panicking, their risk models will not give the bad news, but they can feel it. It is not merely Europe, the Commonwealth and America are part of the equation and the equation is not going according to their needs.

Only 6 hours ago we see that the US is facing a second day with Corona cases reaching new record levels. 45,000 cases in the last 24 hours, yet the numbers underneath it are silently wiped to the side. It is what I stated in the very beginning (February 3rd), it is about the mortality rate and in the US it is not the lowest, this implies that up to 3,000 people stop being consumers, their houses up for sale and with the speed that houses are coming to sale, the housing market will take a new dive for a little while. All things that are tonne cited, all things that Wall Street participants will downplay, because they have to do that and the current administration is halting the visa approach to America. So there will be a harder stage as the year ends, that is if there are any American around at that point (I know it its an exaggeration), yet is that truth that far off?

As I personally see it, the mov e of my IP to China might be the best consideration I had, and it is not just me. The US in many forms is starting to see the light on just how weak they have become. So whilst everyone is hiding behind the $2.3 billion contract of Raytheon, others are wondering on the ‘undervaluation’ of Raytheon only 4 days ago, we see a new seesaw of powers happening and in all this, the consumers that fuel the fire are dying off, less to support it and less people in a stage to wonder on just how far behind the US is in the 5G market, because that is the  actual market that matters, the fuelling of a new economy and that part is overlooked, three sides of a square all requiring a consumer base and that is the one element the US is missing out on more and more. So whilst some news stations report on the fight between the positive thinkers and the negative thinkers on Wall Street, so whilst some are stating (Forbes for one) that that the death rate has continued to decrease, I think that these deaths are either not reported on, or they are set aside as something else and time will prove me right, because there is one thing that is as sure as death and taxes, it is the fact that a mortality rate tends to be a constant and the hiding of numbers does not help anyone, it merely temporarily stops a downward motion of an economic that is in a stage of misjudged numberings and as I personally see it, one that is grossly misreported on in nearly every direction, as such when it comes to blows, we will see law firms running out in all kinds of mismanaged outcries of ‘foul play’ all whilst that stage is in the out an open from day one.

So when the numbers are finally here, what will you do? Cry out or seek the profits you could be enjoying? I am keeping my eyes on some property in California, close to Google and close to new shores of profit, where will you be? In both cases it will be a lovesong, optionally sung by the Cure, which was a nice bonus, but in that stage what cure will you be looking at, an artistic one, or a misreported one? When a larger population becomes in dire need of healthcare and medication, consider where they got sick, at present it is in a nation that is doing what it can to halt Obamacare and set in motion a different care system, implying that there will be a gap, which is not surprising as their covid bonus is indicatively send to a dead person, according to some news stations $1.4 billion was sent to dead people, they obviously did not need it, so how did that mess start, I will tell you, it is sent to the sea of despair, one bad on data manipulation and not reporting and when it is that much money, how many people died that are not in the papers? If we are to believe the Associated press, “130 million of the economic impact payments were sent mistakenly due to a lag of reporting on who is actually deceased”, so when the impact is that high, how many thousands are dead and as the survivors might not have to sent it back, how much worse is this situation getting? We might want to blame the IRA to stop payments from being sent to the deadly departed, but consider the amount and just how many were dead and the IRA is unaware? This is much bigger and it is getting worse, so whilst some people fight on whether this is the first or the second wave, it is my personal understanding that the dead do not care, they never made it in either the first or second approach and that side is more important, because this will hit the US on a few sides before the year is out, and the living will optionally have a really nice future ahead of them, because at that point anyone will get hired, perhaps if only to keep the appearances up.

It’s a whole new ball game and the impact will be visible all over the planet, because even as the US example is the most visible one, it is not the only one, Europe is about to see the impact of all this as well, the EU wanted to pay for it, but Wirecard misplaced $2,000,000,000 and then ended up losing $5,000,000,000, so thee is that too. The money is gone, consumers will not top up that event and everyone is wondering where the money went and where the oversight was, I reckon the overseer was sick at home playing Fallout 4, that is what overseers do, had you forgotten that?

 

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Good thoughts and less so

It all started so nice, the morning was nice and sunny (its winter and my laptop was fixed), so as I was enjoying a laptop with a good space bar, my youth came calling through a knocker like a sledgehammer. After 84 years Olympus is stopping. My second camera was an Olympus, an OM-10, which was followed 2 years later with the OM-2, a camera I never stopped worshipping. Olympus was on the tip of all tongues, on the edge of what was possible and they were giving Nikon a fight, Cannon was not that big (but in an impressive stage) and Minolta was there as well. It is in that age that photography started to become affordable. And in this age they have faltered. It is a shame, but there were indicators that they were lagging more and more and the mobile phones with their less is merely one factor. Age is there to distinguish of what is in the now and what will no longer be, a playing field the forever in turmoil. 

And it is that turmoil that matters, even as Olympus went under in an honourable way, some competitors in other fields were not that lucky. That can be said of Wirecard, a company that had apparently $2,000,000,000 on the books that did not exist and is now in a state where they owe $4,000,000,000 and have no way to pay it, alas Wirecard, out you go! So can anyone explain to me how one person did this? 

I believe it a lot more and as we see Reuters giving us “Wirecard is the first member of Germany’s prestigious DAX stock index to go bust, barely two years after winning a spot among the country’s biggest 30 listed companies with a market valuation of $28 billion.” I wonder how the $28,000,000,000 was achieved, in a stage where 7% did not exist, there is every chance that the damage is larger and spread in a larger stage, and we merely see on what was NOT signed off on. Is that such a weird consideration? Whilst some make calls for reforms, which is a call for change, yet the need to identify the things not being OK will also be less likely to be found, that is the nature of things. You se, I see more, it is seen in the quote “once one of the hottest financial technology companies in Europe, dwarfs other German corporate failures. It has shaken the country’s financial establishment”, if it was the hottest Financial technology company, the technology is still there, the question was was it abused and more important, how can something this so called hot, be this flawed? How do you show $2,000,000,000 you do not have?

Then there is “German law firm Schirp & Partner said that with Wirecard now effectively sidelined, it would file class actions against EY on behalf of both shareholders and bondholders”, so EY does not sign off on the books and they get to be in the dock? Questions rise to the sirface, do they not? I would reckon that in that stage the UK would need a much better setting towards the economy, especially as the banking sector will be in the rough until the end of the year, so the UJK gets to be lucky as we see ‘China’s Huawei to build $1.2 billion research facility in England’, it gives the light towards a growth inn 5G options for the UK as Huawei is trying to be nice to the EU (they need to) and as the US is in a stage of collapse, it makes sense for Huawei to set the stage to a larger field. The step makes sense win a few levels, even as some will state that the mainland of the EU would be better, appeasing the UK will also have its influence in Australia and Canada. Two much larger players and as such Huawei is going to be moving forward. It is therefor weird that 6 minutes later everyone’s favourite Labour puppet Tony Blair gives us ‘Britain should side with U.S. over Huawei, former PM Blair says’, Well one could argue that he is deep in American pockets, can we not? So when we mull over ““I think we do need to make a call and I think it has got to be pro-U.S. in the end,” Blair said when asked about Huawei at a Reuters Newsmaker event. “It is very hard for us not to be with the U.S. on anything that touches U.S. security.””, so why? America has not now, not ever produced any evidence that gives rise to the imaginative danger of China via Huawei. In addition, where was the US when Wirecard had created the imaginative $2,000,000,000, none had seemingly a clue and now that the pied piper is piping they have no issues making a move on EY being the optional culprit in this. 

We need to change the way we do business and as we see how valid makers like Olympics go under without doing anything wrong, we need to set much larger question marks on evidence and demanding it sooner from people on every level of government administration, even former elected officials making claims and especially when they are willing to to rely on evidence, so when we look at Wirecard, take in mind that we need to demand the clear setting on how $2,000,000,000 could be created out of thin air (my bank account needs a bit of that too).

 

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Updates

First of all

So whilst Microsoft is trying to rephrase their weak position through: ‘We are continuing to look at engagement as our key metric for success and are no longer reporting on total console sales‘, yes try to sell that whilst you have been all aggro on boasting boosted numbers for decades. Now that Xbox is about to become the number THREE system, they are running scared. The Nintendo Switch is now at 32 million, which surpasses the previous total number of Xbox One consoles sold, but they are currently allegedly at 41 million consoles sold, which means that there is only a 9 million gap until the most powerful console in the world degrades to the bronze position. Nintendo sold 14 million consoles in the last quarter alone, so that gives light that this is the last quarter with Xbox in the number two position, optionally the last month. Yet, I admit, my expectation of passing Microsoft by January 31st was not met, I was wrong. Yet the total number of consoles sold in the last quarter is still an amazing feat by Nintendo and it also shows that even as I was not correct in the end, my view was a lot better than all the market analysts.

The writing is on the wall.

I personally believe that some analysts have been setting the stage for shorting the stock of Nintendo. The question becomes what the law states. You see, when we look at the definition of shorting stock, the most generic version is: “he or she borrows shares of a company from an existing owner through his brokerage, sells those borrowed shares at the current market price, and pockets the cash“, yet in this case, the premise is not entirely that clear, with ‘he or she borrows‘ we need to consider that shorting the stock was done as a service for a third party, giving rise to the sale at tremendous profits. At present I seem to be wrong, there is no evidence of a setting to allow for a short sell. Yet the predictions that were made last year were so wrong, in so many ways that the overall findings would lead me to this path (there are others too). So is it just me? I would actually agree with this, was it not for the fact that the level of wrongness regarding Nintendo was so profound.

The state last year (Oct 2018) was given with ‘Nintendo Delivers Record Quarter, But Misses Estimates‘, so the stock tumbled a little less than 2%, in all this, whilst within a year the total lifetime sales of the Microsoft Xbox One were completely by 67% at that time, in addition, the software sales were almost globally ruling software top ten lists all over the place. We can argue that the ‘missed estimates’ were so ludicrously unrealistic that the entire matter had to be looked at, now we see the last quarter alone delivered 14 million consoles, which is almost 50% of what Microsoft achieved in sales between 2012 and 2016, four years versus three months, so how were estimations missed?

The puzzlement is supported even further with: “That’s Nintendo’s most profitable Q2 in eight years and a solid increase from the $211 million it booked last year.” It is in that light that I had an issue with the predictions in the last year. From my point of view Nintendo smashed almost every record, yet the stock is not reflecting that, giving rise to a few issues, but as a non-trader and a non-economy educated person, I cannot give the weight to that thought, yet the thought remains.

And now that we are treated to: ‘Nintendo cuts Switch sales forecast despite strong holiday season‘ the matter should be set, yet I am not convinced. Even as we see 14.5 million consoles up to now the last two months are unlikely to give them the 5.5 million consoles they need, they expect to get 2.5 million consoles and that seems achievable. I am not convinced that the 5.5 million consoles cannot be met, merely because Microsoft is on the ropes and there is no marketing, no advertising to reflect that. In this aggressive expansion universe it seems odd that Nintendo is not taking up the gauntlet to that degree.

They drastically improved visibility, especially compared to the WiiU. They have the titles that have a large appeal across the board and the people who do play the Switch love the interactions. In addition the shock news of Marvel Ultimate Alliance 3 and the fact is that it is exclusively to Nintendo Switch is not merely news, it is equally a shocker to Sony as well, as this was the kind of stuff that Sony needed to prevent from happening. The fans (including me) loved the first one on Xbox 360 and as we see the foundation of the original Gauntlet added to the DC and Marvel Universe, we get a game any comic book fan would love to play and nearly everyone that was one did and loved it. So to get this exclusively to Switch is a dealmaker as well as a record breaker. I doubt that this game will be out in time to get the next quarter sales up to the degree it needs to be upped, but it will soar sales of Nintendo yet again (optionally not in time to make the 20 million marker).

So did Nintendo do it wrong? I am not convinced, they made huge mistakes in the WiiU era and seemingly repaired all those flaws in the Nintendo Switch stage, no matter what estimates were not met, we now see that Nintendo Switch has gotten to 45% mark of the PlayStation 4 lifetime sales in under 2 years which is quite the feat as Microsoft got nowhere near that result, ever!

In second place

This is given to us by the Guardian (at https://www.theguardian.com/world/2019/jan/31/italy-slips-into-recession-for-third-time-in-a-decade-economy) it is in the setting of the same wall with more writing. It was to be expected as Italy has a whole range of economic anchors and downfalls. Yet I had hoped that Italy would have been able to stagnate their economy; alas they do not get to be that lucky and recession is the result. The problem is that this could also adversely affect France at present. It is (according to the Business Insider) yet at present the recession there is most likely, yet not a certainty. No matter how it wields, the French President will have to make a few committing jumps on several levels and as the stage between the US and the EU is polarising France will be on the side of the French needs, which by the way is not on par with American needs, so the Europeans have that to look forward to in the next 5 weeks. It is also the Italian part where we see failings, the Guardian gives us: “The deputy prime minister Luigi Di Maio, the head of the Five Star Movement, said the recession was proof that Europe’s budget rules should be relaxed to allow Italy to stimulate its economy back to growth“, which is the larger mistake. That approach did not work for the ECB and now the EU nations have a 3 trillion Euro anchor around their necks, adding debt will not have any true influence on the economy. the entire spending spree is now to be the anchor that drowns the 27 EU nations sooner rather than later and that is the overbearing part why Brexit was essential, the moment the UK is cut form that, the entire mess evolves too fast for anyone to correct for. The entire mess on four economies, where the one (UK) leaves and two (France and Italy) have merely a recession to offer, which means no options at all leaving it all to Germany who has enough for the ace of spades to be handed to them again and again. Germany avoided recession as it grew by 0.1%, which means that they only defeated the recession on the academic principle. It still means that the German economy is stagnating and that is not a good feeling when you are a German. So whilst we now see a whole parade of blaming the UK on making matters worse through a chaotic Brexit, I merely state that these idiots only have themselves to thank. If they had done something about the lack of transparency at the ECB as well as muzzle Mario Draghi from spending 3 trillion euro’s, money they never had, the situation would not be this dire (as I personally see it). The fact that the Business Insider also reported: (at https://www.businessinsider.com.au/europe-economic-gdp-growth-data-heading-to-recession-2019-1) “Junk bonds went through the roof. Total issuance of junk bonds from non-financial companies (rated BBB) went parabolic, according to Bank of America Merrill Lynch, as more highly rated bonds declined“, it is directly linked to the problem, that market went up by €100,000,000,000 in the last year alone, so this time if there is another meltdown (like 2008) and it happens, Europe will not see the fallout as it happened in Wall Street. No, this time around Europe will be the cause of it all to a much larger extent, so the impact on Europe will be beyond disastrous. Whatever quality of life there is, the Europeans can kiss it goodbye for decades. They could quite likely desire the time of harsh austerity, how is that on forecasting quality of life?

In combination

The EU is in a bad place and it has been reflecting all over the place. You see, last November we were treated to: ‘CPPIB is shorting $750 million worth of EU stock, making it one of the most active short-sellers in Europe, data show‘, more important, it gets an added “Unusual in that Canada’s biggest pension plan also tends to hold ‘rather long-term’ positions“. It seems a perfectly valid place to be in, especially when we see that so far that pattern seems valid. We see the additional “the CPPIB has nearly doubled the number of its disclosed short positions since last year, to 23 from 14. That places CPPIB 14th on the list of the most active short sellers in Europe“, as stated before, I can see the presence, and in this case I cannot explain it (merely because I am not knowledgeable enough to do so). Now, as we see the recession hitting Italy, followed by France soon enough, we might see the reflection on how the gains for the CPPIB could be one of the most profitable ones they have ever had. Even as there is still a little doubt, the firm holding ‘$356.3 billion in assets’, might soon be growing to a half a trillion wealth management colossal. With the positions becoming winners as Talend SA, Wirecard and PostNL falling like a brick in free flight, we see that the CPPIB is lunging forwards through growth (for now).

When we see the impact markets where the fun of wealth comes through the investing towards the gloom of failure, there we see profits soar, profits for those selling short that is. This is not the end or the beginning of the end. As France is setting the stage to move directly into a recession we will see more and more short selling profiteers and as France stumbles, the eyes of all will focus on Greece. Even as we are given ‘Greece moves towards ending austerity with rise in minimum wage‘, it is hard to predict the outcome. It makes perfect sense to do this and when you realise it is significantly less than half of what an Australian would get over that same period. It makes us wonder how the Greeks had been able to keep themselves alive. I personally hope that the view of Alexis Tsipras works out the way he thinks it will, the case is viable, and will it work? Only time will tell at present. Yet it is also a dangerous place. That is seen with: “A glimmer of light emerged on Monday as borrowing costs on 10-year bonds dropped to a four–month low and Tsipras announced that the government would imminently be issuing a five-year bond“, we get the logic of essentially needing to borrow, but Greece is in a much too dangerous place and those bonds could backfire in a terrible way, I believe that the bond issuing was done too early, in a time when there is still too much to lose. In that I actually hope that I am wrong, yet my track record towards predicting these events have been too often on the nose and that worries me to no end.

In this Bloomberg view supports mine (at https://www.bloomberg.com/news/articles/2019-01-07/all-the-risks-besieging-europe-bonds-are-spilling-over-into-2019), the headline ‘All the Risks Besieging Europe Bonds Are Spilling Over Into 2019‘ gives that. Even as the view does not include Greece, the overall risk will be hitting all EU nations (as well as the UK). There are two parts to this, the first opposing me is the view “The risk of spillover from Italy is in our view overestimated,” by Arne Lohmann Rasmussen, head of fixed-income research at Danske Bank A/S. Both that as well as the positivity that he thinks that Spain brings is set on realism, the man is a professional, let’s not forget that. Yet on my side we see: “What happens in Italy is still likely to be felt in its Mediterranean peer, albeit not to the extent of the euro-area debt crisis earlier this decade” this is the Goldman view and I believe t is more accurate, more important the doubt and worrying nature of these investors will make them sketchy and shift happy on a few levels, so when Italy is hit, France will get a beating as will Greece and it will affect Spain too, depending on their economy optionally a lot less and there we get back to the academic non recession of Germany, that 0.1% in the plus, when that gets hit negatively it will escalate the Mediterranean issues by a lot more hitting Spain for certain and hitting the others harder. It is merely my view, yet I believe it to be the correct one. For how much is unknown, I have no idea and I am not willing to guess. We will see a lot more by the end of March. It is at that point where we see what the actual impact will be, at the point the people will decide to either enjoy a little sunshine or make sure that they can avoid the winter of their bank accounts, in Europe these options have become mutually exclusive, an impact that will hit tourism in Greece and Spain in more ways than one. At least the Greek prediction that their tourism will level off in 2019 is decently realistic, which opposes the view: ““2019 will be Greece’s year,” according to DER Touristik, the largest travel company in German-speaking countries” one that is wishful thinking at best.

 

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