2009-12-02
New York - the city was worse hit than most other American cities (apart from Detroit) by the financial crisis – by the simple fact that Wall Street is located in New York.
A brief reflection shows that the situation in New York is getting better. Fewer shops are empty and people are somewhat more optimistic. Still, it is quite empty in the stores and easy to get a table at many restaurants, but it feels a bit better. It is also supported by the statistics - but for this city relying on consumption, the Christmas shopping will determine the outcome.
The dollar was strengthened by the Dubai-crisis
When the large state-owned Dubai conglomerate had suspended interest payments, stock markets fell around the world - and the dollar was strengthened. It was the same pattern as for the whole financial crisis. When the financial community believes that a new crisis is coming up, they use the most liquid currency: the dollar. Therefore, a weaker dollar is a good sign: it shows that financial markets are better.
Despite everything, it seems that the financial crisis worst stage is over. In March this year, the dollar was at 9:30 against the Swedish krona. Now it is barely seven Swedish krona and we can expect a continued weaker dollar.
It is often said - and has been said since Alexis de Tocqueville came with his epoch-making book about democracy in the U.S in 1835. - that one of the big differences between Europe and the U.S. is the religiosity in the United States.
It may be true - but you should remember that 15 percent of Americans are atheists and stated that the number who does not believe in god has doubled in ten years. A few days ago, an ad campaign ended in New York subway station by The American Humanist counterpart on the theme "Good without God."