[alphaphoenix]

I hate to generalize, but when I traveled large cities around the globe when I was much younger, besides the native tongue and other distinct cultural details, one big city is just like the next with the same issues.  Good luck getting your Visa.   

 

[bcasey25raptor]

Quote:

Have you guys thought about moving to places with better economy? For example, Canada, Australia, Hong Kong, Singapore or even China???

It may be better in Canada but we are not impervious to the economy. I have been having a hard time getting a job.

 

[Elysian]

Quote:

I hate to generalize, but when I traveled large cities around the globe when I was much younger, besides the native tongue and other distinct cultural details, one big city is just like the next with the same issues.  Good luck getting your Visa.   

I agree with that, after doing business in everywhere from Seoul and Tokyo to Berlin and Moscow.  Some cities and countries have peculiarties that take longer to get used to, but I don't think moving is an effective way of finding employment unless you're got connections somewhere or have a job offer in hand.  In the end, all cities have pretty similar quality of life pros and cons.
 
The only places I can think of that are hopping in North America are Silicon Valley and Calgary, and even there you need somewhat specialized talents.
 
Just a hunch, but I think the safest place to ride out the recession is with a Fortune 500.  It might not be that exciting, but right now I think a lack of excitement isn't a bad place to be unless you really want to work in a hot growth sector like social gaming and mobile.

 

[umvue]

Quote:

You make moving sound so easy, lol. 

Obviously, it won't be easy. But if you are desperate enough, this is an option you can consider. Didn't millions of immigrants come to US for jobs before this economic implosion? If you are young and single, I think experiences in those economies can help you to land US jobs when the economy improves.

 

[wind016]

 
Quote:

Obviously, it won't be easy. But if you are desperate enough, this is an option you can consider. Didn't millions of immigrants come to US for jobs before this economic implosion? If you are young and single, I think experiences in those economies can help you to land US jobs when the economy improves.

That's one thing I'm thinking of. If I wasn't getting some auditing and public accounting experience in California, I would seriously consider moving to HK if possible. I think the job market there is much easier than struggling here, especially in the finance and accounting fields.
 
I'm only able to scrap up project-by-project basis auditing/accounting jobs right now. Once those options run out, I wonder if I should give HK a try if I get approved.
 
Also, predictions of the recession maybe taking another 5 more years is really worrying me... It's a hellava long time.

 

[alphaphoenix]

Quote:

Obviously, it won't be easy. But if you are desperate enough, this is an option you can consider. Didn't millions of immigrants come to US for jobs before this economic implosion? If you are young and single, I think experiences in those economies can help you to land US jobs when the economy improves.

True. But during the dot.com boom, companies were giving out H1-B Visas like free candy.  Now days, you will not see that unless you've proven to be an elite mind.  The dynamics of job hunting has changed.  It's all about net working.  Reach out to past clients and see if they know anyone else that may need of service. 
 
However, all that being said, I agree that if you're single, you might as well toss the coin and go for it, even if you don't land the ideal job or land one at all.  It might be fun and you may gain something else along the way.
 
 

 

[Elysian]

Quote:

That's one thing I'm thinking of. If I wasn't getting some auditing and public accounting experience in California, I would seriously consider moving to HK if possible. I think the job market there is much easier than struggling here, especially in the finance and accounting fields.

If you're got some foreign language proficiency, Asia HQ firms in Northern California are still hiring reasonably aggressively.  I still see lots of Chinese, Japanese, Korean, and Taiwanese tech companies (channel sales, semiconductors, PC components, entertainment, etc.) growing their US operations while everyone else is scaling back.

 

[wje]

The effects of the economy have actually been minimal and actually fruitful this current year (2011).  I'm almost embarrassed at how well it has worked out for me.  I actually did a change in companies during these turbulent and unsettling times.  This change really worked out well for me.  I've had 3 pay increases this year, which have totaled 14%.  However, I do know that there are many who have suffered through many years of not getting raises, or actually getting pay cuts, that I'm by no means, trying to gloat.  I was just trying to relay my true experience of the economy and the effects - just as this thread question has asked.  
 
I've finally reached a point in my career where I don't feel as though I'm working in an "underemployed" situation and am challenged to a great degree each and every day.  Now, when compared to my peers, with similar experience levels, education level, etc. - I'm still a bit behind when it comes to pay.  However, for now, I'm not going to complain.  I do know the playing field will be leveled at some point when the economy does start to get up its steam again.

 

[Happy Camper]

So if the world defaults on the threats of economic meltdown, what happens?

 

[KneelJung]

Quote:

So if the world defaults on the threats of economic meltdown, what happens?

A tree falls in the woods.
 

 

[Elysian]

A tree falls in the woods.
 

A Doric column falls in the Agora?

 

[Happy Camper]

So blackmail by threat? I say call their bluff, default. They don't have an army, ruck em.

 

[Elysian]

Well, more seriously, one of the most immediate consequences of defaulting is the creation of much more uncertainty in loan repayments.  It'll be much harder to get loans and interest rates will be much higher uniformly, making it much more difficult to use loaned capital to catalyze growth.  In addition, companies and government agencies are going to be significantly hurt in any accounts receivable, so you'd end up with a couple of things feeding into each other:
- Companies will have less access to money to finance growth
- Corporate earnings will be negatively impacted, causing shareholder worth to significantly decrease
- People will lose even more of their savings, making them: (a) less willing to invest in the market, further hamstringing corporate growth and (b) move into a defensive financial position, decreasing demand for goods
 
It'd be an extremely vicious cycle that would be extraordinarily difficult to get out of, and the only countries that have a hope of significantly increasing their citizens' quality of life, year-over-year, will be developing economies and possibly the BRIC countries (Brazil, Russia, India, and China).
 
Mass defaults would be one of the worst things that could happen to the global economy right now, and regardless of ulterior motives, Germany and France have a very strong vested interest in making sure none of the EU countries default.
 
Even within the US, there is a lot of macroeconomic debate as to whether the Fed is really taking the right policy with interest rates.  The President of the Federal Reserve Bank of Kansas City is arguing that keeping rates so depressed is doing us a lot of long-term harm.
 
Quote:

http://www.npr.org/2011/07/14/137838941/fed-official-its-time-for-rates-to-go-up
 
Fed Official: It's Time For Rates To Go Up
July 14, 2011
 
INSKEEP: But let's talk about what the idea is for near-zero interest rates, as explained to the public, that you have obviously a shortage of economic activity, of a lot of people out of work. You want to encourage businesses and others to borrow money and invest money or spend the money, you want to get money moving, and very low interest rates is seen as the most obvious way to do that. What's wrong with that reasoning right now?
 
Mr. HOENIG: Well, it asks(ph) a lot of monetary policy to do that. And it's asking the saver to subsidize the borrower so we can get through this, and I think the savers are willing to do that during the crisis, but now we've moved beyond that and that's an important reason. And when you leave things zero for long periods of time, you create new imbalances in the economy. Now, remember, this crisis that we just went through is because we had a period of very low interest rates, one percent, for a very long period of time. That created a credit bubble. It led to a housing bubble and a crisis. I'm not saying that will happen again, but I do know the conditions that are ripe for a bubble and zero create those conditions. And the longer they remain zero, the greater likelihood we are to create new imbalances that we will have to pay for later.
 
INSKEEP: Are you saying that maybe two or three years ago you would have been all right with exceedingly low interest rates in an emergency but the emergency's over as far as you're concerned?
 
Mr. HOENIG: Yes. The role of the central bank is to provide enormous liquidity during the immediate crisis. But when the crisis is under control, then you have to restore more normal interest rates, or you endanger your economy for the long-term. And I try and remind people that central banking is about the long-term.

 

 

[jc9394]

Thank god I'm in pharmaceuticals, the economy does not affect us much.  Still doing the yearly trip to Vegas for a conference.

 

[alphaphoenix]

The default thing reminds of the movie "Fight Club".  On a personal level, I whole heartedly believe that one needs to strive to be debt free, which includes monetary forms as well as promises kept, for it's the right thing to do.   Leave this world debt free is the way to go. You'll rest more easily, that's for sure.