I’m guessing he got the last laugh.
November 29, 2008
Though its really, really far from us and some credit rating firms have rated the Philippines as having more than enough tools to cope with the financial crises (yes I think its an actual set of problems) there were voices in 2006 that said that there will be a problem in 2007 or 2008.
It just goes to show that you can’t fund a lifestyle out of air or mere words. The old people still have it right, save save save. Look at Japan today, after years of being mired in a less than exciting economic atmosphere Japanese firms are buying competitors left and right in order to penetrate into foreign markets or consolidate their hold on the current market. In any case what Japanese firms had was a lot of cash, cash not spent on buying securities, risky or not.
So we must save and produce more and not just borrow and consume more.
