Gold Bubble by Yoni Jacobs

Author:Yoni Jacobs
Language: eng
Format: epub, azw3
Publisher: John Wiley & Sons, Ltd.
Published: 2012-03-14T16:00:00+00:00

Chinese overconfidence and extreme speculation is evident in the record-setting bidding at art auctions (a Picasso purchased for $110 million), the growing market in expensive wines, a dog that was sold for over $1 million, the world's most expensive racing pigeon, and “mutton fat jade”—once used to fill bags to hold back flooding rivers—now selling for more than twice the price of gold!41

Skyscraper Indicator

The speculative and arrogant behavior inherent in massive skyscraper construction may be distinct proof that the investment mania and period of rapid growth is nearing its end.

As Vikram Mansharamani, Yale lecturer and author on financial booms and busts, points out, the construction of record-setting skyscrapers is a major indicator of speculative excess and a warning of impending economic slowdown. He points to New York in 1929, where three sites competed for the status of world's tallest building—40 Wall Street, the Chrysler Building, and the Empire State Building—right before the Great Depression; to the early 1970s, with the construction of the World Trade Center and the Sears Tower, followed by a decade of stagflation; to 1997, with the completion of the Petronas Towers in Malaysia right before the currency crisis of Southeast Asia; to 1999, with the beginning of construction on Taipei 101, at the height of the technology bubble; to 2007 to 2008, with the record-setting building of Burj Dubai at the height of the credit bubble; and now to China, where 5 out of 10 of the largest towers in the world are under construction.

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