| Still a Bush in the White House |
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| In January 1991 the economic landscape in Ireland looked substantially different. The world was recovering form the Gulf War, the price of oil was dominating and stockbrokers were awaiting an upswing. Looking back through the early issues of a decade ago however there are similarities with today. The highlights below illustrate the era gone by. |
‘The state of stockbroking’
‘Things are bad, but they’re not that bad’, said Sean Cunningham of Riada Srockbrokers, about the current state of the industry. ‘Go back to 1973-1974, then we were living from month to month.’ Even looking back over the period of the ‘financial revolution’, the latter half of the 80s, there have been much worse years in terms of market turnover and commission revenue than 1990. Add to that the fact that the brokers today have a more diversified revenue base than ever before, then the situation of most is a fairly healthy one. The attitude of all the major firms is to conserve resources, minimise costs, and wait for the upswing.
‘Selling the Ecu’
A new currency, like any new product, has to be promoted otherwise customers will not buy it. The Ecu, although launched in 1979 as the cornerstone of the European Monetary System, is still effectively a new product for the European corporate sector. Promoting the Ecu to that sector is precisely what Liam Doyle, AIB European manager in Brussels, is doing at the moment, as chairman of the Ecu Banking Association’s Promotions Committee. Whilst it has already gained acceptance as a major currency in the world of banking and capital markets, trading companies still have to be convinced of its value.
‘The American Decade’ by Emmett O’Connell
This year will be shaped by the actions of the United States. Locked in combat for decades with what is now seen by all to have been correctly perceived by the Americans as an ‘evil empire of the East’, even when it was highly unfashionable to have said so to have said so, Americans no longer fee required to make the same level of sacrifices supporting allies in that struggle.
Henceforth American interests only come first, and Mr Bush or any other President will be forced by conditions already in place, to utilise the massive economic and military muscle at his disposal to provide American solutions for American problems.
The United States requires three prerequisites to regain its industrial and financial composure after the debacle of the Reagan era. An era which has left America with a collapsing infra-structure, a largely bankrupt financial system, massive social problems and a pitiful educational establishment.’ |
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| Article appeared in the January 2001 issue.
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