I'm reading a lot of chatter on the web about an impending stock market crash. It is tempting to dismiss this talk but against the backdrop of the world economy, it looks like we are about to relive the post-Lehman stock market downturn.
The symptoms of the failure of capitalism couldn't be worse. Governments and citizens alike, are indebted to their eyeballs. The unemployment situation is getting worse as employers shed high paying jobs and replace headcount with low paying employees. And to top it off, China seems to be at the tipping point of an asset bubble fueled by the inflow of dollars from Uncle Sam.
Honestly, I doubt if the world can afford to take another beating and this time around it may bring about a full scale depression.
PS. Remember the what was billed as the biggest IPO in Kenya? Safaricom. Anyone? Well, the Chinese not to be left behind will be unveiling the world's largest IPO. China AgBank is set to raise $30 billion when it lists in Hong Kong and Shanghai in July.