Old timer structural worker 2, by Lewis Hine, edited by Durova

Old timer structural worker 2, by Lewis Hine, edited by Durova

Paul Gambles, Managing Director

In Part 1, I looked at how the Roaring Twenties led to the Wall Street Crash and the Great Depression. In Part 2, we discover how the past can cast shadows on our future.

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American union bank, Public Domain

American Union Bank 1929, Public Domain

Paul Gambles, Managing Director

Predicting the future is always a risky business. Accurately forecasting when changes will happen is impossible.

 

However if, like Kondratieff, we look at the economy as a series of cycles[1], the events around the Wall Street Crash of 1929 and the Great Depression of the 1930s can alert us as to what may happen in the near future.

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A man is riding a tricycle with heavy load on the streets of Shanghai - by Jakub Hałun

A man is riding a tricycle with heavy load on the streets of Shanghai – by Jakub Hałun

Paul Gambles, Managing Director

On Sunday China’s central bank, the People’s Bank of China (PBOC) reduced its reserve-requirement ratio (RRR) by a huge 1% (or 100 base points), a record-equalling cut.

RRR is the percentage of depositors’ balances a bank must retain in cash – the rate is usually set by the central bank. The reduction of this amount is an easing tool, designed to encourage banks to lend more and reduce interest rates.[1]

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488px-Calculator.kodabar

Paul Gambles, Managing Director

As well as ‘getting more exercise’, one of the items that can be difficult to achieve in a To Do list is setting – and more importantly, sticking to – a personal budget.

It seems simple to do, doesn’t it? First you make a list of your income; then write down your basic outgoings. After that, divide what’s left over between savings, clothes, as well as that sleek new tablet with apps for reading the newspaper while simultaneously making you a hot, frothy cappuccino.

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 640px-Silicon_Valley

Silicon Valley, Source: public domain

Paul Gambles, Managing Director

I’ve long held in great importance the concept of helping clients make sure their affairs are in order should anything happen to them. The right planning can ensure loved ones do not have to deal with financial complications during times of emotional distress.

That’s why I took great interest when I read a while back about American money advisor James Starr’s[1] legacy drawer concept – a drawer in your home, containing all of the important information your family needs in case something happens to you.

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