Yep It Is That Time of the Year Again

Wow, what a very interesting week this has been! Finally,
got my ultrafast broadband working properly.

The lads from Chorus New Zealand - the owners of our
national ultrafast fibre optic broadband network - turned up
at 8am this Sunday morning NZDT. Took a while to isolate
the problem; a faulty Chorus modem.

Mary and I were not told when moved into this brand-new
complex of 14 apartments that Chorus had installed a
prototype modem in all the units. I don't mind being
guinea-pigged, after all this new complex is itself a prototype.

All good now, and I'm back on schedule.

So, I've been spending the last few hours reading some
of the blogposts and comments people have been
making recently, here on CTPtalk and elsewhere.

Got me thinking: it's "that time of the year again". Yep, the
first Monday of October is only a few days away now. That's
the time I look to the stockmarket to get early signs of
what may follow later in October.

On October 29, 1929 the stockmarket crashed in the USA. Other
global markets soon followed suit. By March, 1930 the
New Zealand economy also fell victim to what became known as
the Great Depression.

The early signs may have already begun with the fall in almost
all the crypto currencies; something's not right.

So, we could have a pessimistic outlook ahead for the
global economy. Now may be a good time to check your
finances and prepare for what may be a shaky road ahead.

I am not a financial advisor so I am unable to give any
financial advice; therefore, these comments are just my
thoughts and feelings on what has been happening of late.

The fall in '29 was caused by a run on the USA banks. With
the now rapid uptake of crypto currencies, banks are becoming
more irrelevant. That irrelevancy may - and I stress may - impact
on the value or otherwise of banks.

Billions of dollars globally are invested in the banking sector, often
by fund managers specializing in retirement or superannuation
funds. With more baby boomers retiring, any reduction in their
anticipated retirement incomes will impact on small businesses.

We come under that small business category.

So, I suggest that we should be all careful committing ourselves to
large expenditure projects.

In September, 1929 my maternal grandfather Alfred bought
2,500 acres of land for one shilling and one pence per acre. In
March, 1930 the bank foreclosed and he was forced to sell that
land for thruppence an acre. My mother had to leave school at
the age of 12 to support the family.

OK, I hear you, I'm being too pessimistic. In that case, perhaps you
should talk to my mother Grace; btw, she passed on 14 years ago
August just gone.

Yep it is that time of the year again.

Ian Ballantine
Wellington, New Zealand.