Now it is a month since I am here. What have I accomplished? I am getting comfortable with the left hand driving and am able to look to the right (left) direction and cross a road without a bumping heart. I havn´t lost myself the last week. I have got a pot to cook in. I have nearly finished my first assignment of 4000 words. I gave me three weeks for each assignment that would leave me some time to ponder and to correct. Truly, I am ahead of time. Somebody in class told me today to talk, as English wasn´t her first language. I’ve seen a little of the English countryside. I sometimes catch the bus.
I have been to my first economy lecture and did understand something. Though I arrived 20 minutes ahead of time I just was lucky enough to get a seat on a table at the back of the room and the lecture room was stuffed.
In short: The world savings rose between 2002 and 2007 (less money flow). There was an oversight of risk takers and the individual organisations had become too big. The banks were wrongly optimistic and didn´t recognize their losses early enough. There was a very sudden liquidity crisis. The emerging countries come best out of this “crunch”, the best established countries suffer most. The future: The economy will be restored at about 2010. There will be a shift towards the emerging countries. We will see a new conversatism in finance. The establishments will become smaller and there will be more cooperation between them. There could be a political shift (example: Iceland- Russia). (Bill Allen, 22.10.2008)