Never before have so many property funds shut the doors on so many property investors.
Sales at luxury goods stores, once the largest category, collapsed by 86% since their peak in 2013-2014.
“We are temporarily a company with no product and no revenue.”
Not even Brazil and Mexico have the fiscal and monetary leeway to offset those shocks.
During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.
The flight into US dollars! Dollar-denominated debts of Mexican companies weigh heavily.
Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets.
The ECB promises to “monitor markets closely.” Then it came out with a new bond buying binge.
Most importantly, we have our health (touch wood) and each other.