Now this is seldom heard of but I noticed this at Jeffrey Gundlach’s bloomberg interview where he draws the similarity of the World Trade Center Tower becoming the tallest building in New York.
Why does this matter? Apparently building of huge tall infrastructure seems to be a psychological indication of human ego at its peak and normally precedes big market draw downs.
If you think this is born out of Drizzt’s fantasy, Barclay issue a report on this as well. You can read an article on it here.
In 1929, the opening of 40 Wall Street and the Chrysler Building were harbingers of the worst-ever U.S. meltdown, the Great Depression. A year later, the Empire State Building became the world’s tallest building, presaging years of gloom.
The 1970s saw the completion of New York’s World Trade Center and Chicago’s Sears Tower. They opened amid stagflation in the U.S. economy, a fiscal crisis in New York and the breakdown of the Bretton Woods monetary system.
Malaysia’s 1,483-foot Petronas Towers were being completed during the Asian crisis.
Can we find some examples to disprove this theory?
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K
Thursday 24th of May 2012
I think your observation may be right, Drizzt ! Japanese long-term local currency rating by Fitch yesterday ! Yuckz !
Better take my green-tea cake and run fast fast !!!
K
Wednesday 23rd of May 2012
Interesting observation ! Going by this logic, then something may happen to Tokyo in the near future since they just opened their SkyTree Tower recently and is now the tallest building in Japan !
Sell my Japanese holdings ? :-)
Drizzt
Wednesday 23rd of May 2012
haha, we gotta watch it closely. JApan is not without problems but this might just take the cake K!
James
Tuesday 22nd of May 2012
The new WTC is scheduled to be completed in mid-2013. Incidentally it's also the year that Jim Rogers and Marc Faber predict will have a huge financial crisis.