Tuesday, 1 September 2009

NOrdea or NOidea?

"Finland’s economy will jumpstart by the end of the year, says the Nordic banking group Nordea. The bank’s economists say they’ve been recording positive signals since this spring.

Nordea is, however, not adjusting its prediction that Finland's GDP will contract by 4.5 percent this year. The bank meanwhile raised its outlook for next year, saying it believes the economy will grow by 2.5 percent in 2010.

The bank says consumer prices will remain steady this year and will rise by 1.2 percent next year due to climbing interest rates and raw material costs.

Nordea says its optimism is rooted in a generally brighter global economic outlook

This bank, back in february went almost out of business if they had not required fund from different parties or if the ECB did not lower the rate to level not seen since the birth of this bank.

Now I'm not sure if theyh are trying to use a "placebo" strategy, in trying to make believe to the mass that the worse financial crisis is over amid worrying level of debt (that is by the way still growing) and amid massive deflationnary forces.

"The economy will grow" is a quite big sentence, at best they are trying to fool the mind, knowing that the overall economy was in complete free fall few months ago.
It is as well a dark reminder of the forecast that the intelligentsia and other economist and bankers echoed during the 1990....at the end they were completely wrong and had to be rescued.

Again how can bank forecast something that it had not understood and that is so complex and independent of the beahviour of the local economy. at best they have No IDEA of the kind of message they are propagating....

Nethertheless I wanted to mark what Nordea said so to come back in a year time and review what has effectively happenned to finnaly confirm that they clearly have no idea, no idea of the current situation...

Having said that...be productif, stop accumulating debt,pay what seems right for a rent or a house and do not overspend.


Anonymous said...

Nordea is bank for rich people and investors, they need to believe the 'truth', all values are just believes, who believes most can make some money.

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