We don’t have holy men singing eerily from the mosque. We have the people’s television. Every day a kind of rosary for the souls of speculators. Others may have to attend a special indoctrination class to understand the prayers: The Fed, The Dow, NZX Fifty, The FTSE show.
We read of discount book value and cash flow, hedge funds, futures markets, complex portfolios, assets and asset stripping, profit margins and high geared corporate debt, collateralised loan obligations, depreciation and low productivity.
But even the uninitiated are able to pick-up the meaning of “shedding” workers. And who needs language to get the message when factories are fleeing the workers that made them, or the push for Easter opening?
We need more investment, apparently. Ahem! We have one hundred and fifty thousand idle workers.