Comments on: Credit Boom: Rich Enjoy ‘Gilded Age’ While US Economy Suffers http://www.dailyreckoning.com.au/gilded-age/2007/07/18/ An independent perspective on the Australian and global investment markets Tue, 16 Mar 2010 15:46:40 +0000 http://wordpress.org/?v=2.8 hourly 1 By: Clare http://www.dailyreckoning.com.au/gilded-age/2007/07/18/comment-page-1/#comment-2681 Clare Thu, 19 Jul 2007 00:57:28 +0000 http://www.dailyreckoning.com.au/gilded-age/2007/07/18/#comment-2681 Hi, I'm watching the current economic situation and sharing your intense discomfort. I've been wishing this boom would end for years and have now started to believe it's time to get on board. I think what is happening is the globe once split into two economies - east and west, developing and developed, rich and poor. Now globalisation is shifting the boundaries of this divide so that you have rich and poor, developed and undeveloped, east and west inside the old boundaries. So sure the boom doesn't exist for the poor - inflation in Australia for the basics is running well above the CPI. Unemployment is historically low and yet underemployment, unpayed overtime and casualisation are running at unprecedented levels - for the poor. We need new economic measurements to account for these two separate economies that now exist within each nation - then you'll be able to decide if it is in fact a boom or if this is just a new international wealthy class gearing up for a fabulously good life. Clare Hi, I'm watching the current economic situation and sharing your intense discomfort. I've been wishing this boom would end for years and have now started to believe it's time to get on board. I think what is happening is the globe once split into two economies - east and west, developing and developed, rich and poor. Now globalisation is shifting the boundaries of this divide so that you have rich and poor, developed and undeveloped, east and west inside the old boundaries. So sure the boom doesn't exist for the poor - inflation in Australia for the basics is running well above the CPI. Unemployment is historically low and yet underemployment, unpayed overtime and casualisation are running at unprecedented levels - for the poor. We need new economic measurements to account for these two separate economies that now exist within each nation - then you'll be able to decide if it is in fact a boom or if this is just a new international wealthy class gearing up for a fabulously good life.

Clare

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