{"id":22862,"date":"2008-06-16T11:23:00","date_gmt":"2008-06-16T11:23:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=499"},"modified":"2008-06-16T11:23:00","modified_gmt":"2008-06-16T11:23:00","slug":"los-embargados-ya-no-pueden-poner-gasolina","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/los-embargados-ya-no-pueden-poner-gasolina\/","title":{"rendered":"Those whose vehicles have been impounded can no longer fill up with petrol"},"content":{"rendered":"
\"\"<\/a>I know you won\u2019t be impressed by the economic figures I\u2019m about to mention. They are real, publicly available figures to which our minds have become accustomed very quickly. The constant stream of negative figures released every day has desensitised us to their significance, but each one has not only significance but also macroeconomic repercussions that ultimately affect our personal finances.<\/div>\n
Let\u2019s not forget that at the end of the economic chain are people, and that these figures ultimately translate into individual well-being or hardship. Money, work, income, expenditure\u2026 everything is affected in one way or another, sooner or later, by those economic figures that are constantly being thrown at us, and which have been dreadful for the past few months. Globalisation in communications means we see detailed and immediate images of natural disasters on the other side of the planet, but they are still local phenomena about which globalisation merely informs us. But globalisation in economics<\/a> It not only informs us but also affects us directly. Getting used to hearing and reading about negative economic figures and desensitising ourselves, as if we were watching a report on a flood in a remote country on the three o\u2019clock news, will not spare us from being personally affected.<\/p>\n

In May 2008, applications for mortgage foreclosures in the US rose by 48% compared with the same month in 2007. If we also take into account official notices of default, 261,255 households have failed to meet their mortgage obligations \u2013 that is, almost one in every thousand inhabitants of the world\u2019s leading economic power. Over the last 29 months, the year-on-year figure for mortgage repossessions has risen consistently. Specifically, this past month, 1 in every 483 households nationwide has had their home repossessed, but there are states such as Nevada where the proportion is 1 in every 118 households. California and Arizona are also suffering the terrible hangover of repossessions following the mortgage binge of the past eight years.<\/p>\n

\"\"<\/a>Another shocking figure: in Spain, 10% of mortgages exceed the value of the properties they secure. I don\u2019t know about you, but it really got me thinking, especially when you consider that many outdated valuations are simply ignored, which It\u2019s not in anyone\u2019s interests to update<\/a>.<\/p>\n

Those whose homes have been repossessed, or are about to be, not only lose a greater or lesser portion of the property that was already theirs to the bank, but also see how the oil crisis is having a devastating effect on their finances. Had this energy crisis occurred earlier, they would have saved on a few mortgage instalments, further worsening the balance sheets of their creditor banks. In other words, the rise in prices will mean that many will no longer be able to meet their loan repayments, leading to more and more repossessions.
\"\"<\/a>At this stage, whilst the fall in interest rates in the US is so vital to safeguarding the financial system, moderating the rise in energy prices is even more so, if that is possible. Crude oil at 150, 200 or 250 US$ per barrel will render the extremely costly measures adopted by The Fed, the ECB and others<\/a> many central banks. \"\"<\/a>Interest rate cuts, injections of liquidity into the system\u2026 all of this will be swept away by the economic and energy crisis and the resulting first-round inflation. The G8<\/a> He had already warned of this danger last Saturday with unusually aggressive comments.<\/p>\n

The oil dystopia<\/a> has pushed out of the headlines the credit crunch<\/a>, but both crises coexist, overlapping in time and space. And this coexistence of two such serious scenarios is unprecedented, historic and harrowing. Furthermore, there are knock-on effects arising from these crises that make the outlook even bleaker, such as the shameful food crisis in the Third World, caused by the sudden overproduction of biofuel, which is also spreading dangerously to the Second World.<\/p>\n

Some people did not realise the seriousness of the situation until the last January<\/a>, when the stock market experienced a brief period of volatility. But as it was nothing more than a \u00abcoitus interruptus<\/a>\u00bband some people still, rather clumsily, associate the word \u00abcrash\u00bb exclusively with the one in 1929, many followed<\/a> (Some people even still believe) that if the stock markets don\u2019t crash, it must be because things aren\u2019t actually that bad.<\/p>\n

The economic cycles have disappeared, and the new global economic order still seems chaotic to us. Complete chaos<\/a> which we will come to understand in time. This crisis is so unprecedented and historic that not even a traditional stock market crash can guide us through the current situation. We have been saying since last summer that today\u2019s economy will feature in the economics textbooks of future generations. But we are already on the path to a doctoral thesis.<\/p>\n

The other day, a regional director at a well-known Spanish private bank said to me: \u00abThe only reason the stock markets are rising is that there is no reason at all<\/span>\u00ab\u2026 A pithy statement if ever there was one, especially coming from someone in his position. This crisis is\u2026\u2019 The Big One<\/a>, no doubt. Perhaps re-reading my colleague GFO\u2019s article might give us some insight \u00abInflate or Die\u00bb.<\/a><\/p>\n

\"\"<\/a>To finish off, I\u2019ll leave you with an extract from the comment he made Manuelmad<\/span> (I\u2019m sorry, but I don\u2019t know where to link you to) our article by Mad Max<\/a>, and with which I wholeheartedly agree:<\/p>\n

\u00abI may well be living in a world of joy, but I prefer to think that the years ahead of me will be the years of the greatest technological and cultural development in all of history, precisely because of the crisis that is bearing down on us.\u2019.
I recently read an article about the \u2018Singapore miracle\u2019 \u2013 a country that had nothing and which, until very recently, was a land of mosquitoes and disease. The reporter asked a businessman how they had managed it; the answer was that scarcity breeds efficiency, and efficiency breeds wealth.
\u00bbMoments like these are the ones that shape the course of world events. Whether they are for better or for worse depends on the perspective from which each person views them.\u2019<\/p><\/blockquote>\n

As he said Victor Hugo<\/a>:<\/span><\/p>\n

\u00abThe future has many names. For the weak, it is the unattainable. For the fearful, it is the unknown. For the brave, it is opportunity.<\/span>\u00ab<\/div>","protected":false},"excerpt":{"rendered":"

S\u00e9 que no os impresionar\u00e1n las cifras econ\u00f3micas que a continuaci\u00f3n os voy a mencionar. Son datos reales y p\u00fablicos a los que nuestra mente se ha acostumbrado muy r\u00e1pidamente. La cascada de cifras negativas que salen a diario nos hacen insensibles a su significado, pero cada una de ellas tiene, no s\u00f3lo significado sino […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22862","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22862"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22862\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}