A piece from guest columnist Ada Gadagi, specialist in economic issues, often found under the pool table at Big Bamboo
Was chatting with a well known UK economist - and erm, oh dear, things don’t sound good. Apparently London will lose 400,000 jobs this year for instance. Washington Post here has another alarmist piece, quote: “Gross domestic product, a measure of the goods and services produced across the nation, shrank at an annualized rate of 6.2 percent in the last quarter of 2008, according to the Commerce Department, far worse than the initial estimate of 3.8 percent and the 5 percent most analysts were expecting. The downward revision means the economy began the year from an even weaker position than previously thought. ”
So, apparently the US has lost $17 trillion, which will be recouped by a stimulus package or $700 billion. Erm…
Anyhow, on to my main point: Shanghai is too expensive!
Going by the Shanghai Eye cup of coffee index check this out:
Cappuccino in any Shanghai common or garden cafe: RMB 35 (ish) that’s almost $7. (This price survey does not take into account those hole in wall coffee places springing up that sell coffee for RMB 8, this is only those sit down at a table with some chintz places).
We have it on good authority same cup in London would be RMB 20 (ish), RMB 12 or so in Paris, and we have no idea how much in New York , but we’re sure it would be cheaper.
How long can this go on? Inquiring minds need to know…
