TPT September 2007

C ontents

Time to re-examine the piggy bank The recent financial storm in the stock market – with the Dow Jones, Nasdaq, FTSE and Asian markets all suffering serious turbulence – should serve to remind us of the complex fragility of the global economy. This market upheaval was largely triggered by sub-prime mortgages in the US housing market, which basically means a debt black hole due to high-risk borrowers defaulting on high-interest home loans. But whatever the cause, the emergence of uncontrollable debt and diminished confidence herald a new and dangerous phase in the world economy. The problems are clearly serious with worldwide central banks including the Federal Reserve and European Central Bank forced to reconsider interest rates and inject over $300 billion into the stock markets as a rescue package. Although the jury is out on whether these measures have prevented catastrophe, there are already reports of tightening credit, big job losses in the financial industry, a decline in mergers and acquisitions, and potential damage to pension funds and the housing markets both in Europe and the US. So far during my editorship of Tube & Pipe Technology I have fortunately avoided the advent of a global recession and its nasty repercussions. However, there is little doubt that the buoyancy of the tube and pipe industry would be dragged down by a sickening of the global economy. And with globalisation now emphasized by the growing strength of the BRIC countries, the world economy has become an even more delicate mesh of financial considerations and investment ramifications.

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With this heightened sense of economic danger, over the next few years it might be a good idea for everyone – from individual to small company to multinational – to re-examine the books, save meticulously, invest wisely and manage debt more sensibly. Rich Sears Editor • Email: richard@intras.co.uk

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