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This is an update as to where we are at in the midst of the financial crisis.
Panama, Guatemala and Central America – Essentially seem to be unaffected. People are manufacturing, exporting, working, making retail purchases, not getting foreclosed, not living in cars or on the streets, crime is not rising and civil rights are intact.
Brazil, Chile and Argentina – Got hit hard. Flight of capital from the countries, dropping prices of commodities (copper, soy), and plunging currency values all at same time causing stock prices to drop. Argentina is going to nationalize $30 billion in private pensions.
Mexico –The Mexican Peso is plummeting. Mexico has sold $13 billion dollars to buy pesos with in an attempt to shore up the peso since Oct. 8th. Not helping much. Peso is trading at around 13 – 14 pesos to the USD. Worst peso crisis since 1994 in Mexico. If you are wondering Mexico is considered part of North America, not Central America.
UK – Things are bad. Housing prices are very low. ON Friday the FTSE dropped wiping out 50 Billion British pounds off the share valuation of the UK’s largest corporations. The British pound went to a 5.5 year low against the USD.
Russia – Their financial crisis is escalating. Investors are pulling funds from the country. Companies in Russia must roll over 47 Billion in debt in next few months. Not sure if they can do this. They have 1 trillion dollars of debt they have to retire with only little more than half of that in their capital pool.
Hedge Funds – 25%+ of the worlds hedge funds are expected to go away. There are 8,000 hedge funds.
USA – Now they are looking at a new $40 billion dollar bailout to prevent foreclosures. Third quarter foreclosures were over 750,000 in the USA. The USD is showing some strong gains against the Euro, British Pound and other currencies around the world.
Oil – Dropping into the low $60 range and we may see it go into the $50’s.
Gold – Wow a real sinker. Now in the low $700 range and silver in the low $9.00 range.
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