Kent Ninomiya Global Blog

Kent Ninomiya - Happy Lunar New Year everyone! All around the world there are celebrations with feasts, fireworks and dancing dragons. It's a time for Asian families and familes of Asian decent to get together and revel in the new year. It is Thanksgiving, Christmas and New Years Day all wrapped into one in asian culture. It's often called "Chinese New Year," but this isn't particularly accurate. While it is widely observed in China, it is also an important holiday for people throughout East Asia and of Asian ancestry all over the world. Believe it or not, there are still people out there who do not realize all Asian people are NOT Chinese. Lunar New Year is also a more accurate term. The holiday usually begins on the first day of the first lunar month. This makes the lunar calendar much more accurate than the Julian calendar. Jokes are often made about the Chinese being backward for celebrating the new year late. In reality the west celebrates the new year early. While the traditional Chinese calendar does not record continuously numbered years, 2008 is considered year 4705. So happy 4705 everyone! Kent Ninomiya

Kent Ninomiya - Asian financial markets are making it clear that they fear the economic crisis in the United States will spread world wide. Today Japan's Nikkei 225 index dropped 5.1 percent after falling 3.9 percent Monday. They stopped trading in India when the Sensex index free fell 9.75 percent in the first few minutes. Hong Kong's Hang Seng shrank 8 percent after diving 5.5 percent the day before. The same is happening in the rest of the world. In Europe Monday, Britain's FTSE-100 fell 5.5 percent and France's CAC-40 Index slid 6.8 percent. Germany's blue-chip DAX 30 plunged 7.2 percent. Likewise, benchmark indices in China, South Korea and Singapore each fell at least 4 percent. Australia's benchmark index slid 7.1 percent and Indonesia's market was down 9 percent. The pain is expected to come full circle. American stocks will probably fall even more leading to more selling around the world resulting in a planetary economic slowdown.So what is this we are facing? Is it just another economic swing or something much bigger? Ask 100 economists and you will get 100 answers. Here's my take on it. We are realizing that everything in our world is interconnected. The war on terrorism, the war in Iraq, our unpopularity overseas all have economic components. We are spending a whole lot of money to support our agenda around the world. The United States is a rich nation but we have a finite amount of money. This is all catching up to us and there will be a reckoning. Most Americans alive today are too young to remember truly difficult times. 9-11 was certainly a crisis but it didn't impact most of our lives directly. Most of us don't believe we face something of the magnitude of the Great Depression or a World War. The truth is we can and may. Our economy, security and environment are more fragile than we know. We may soon find out just how fragile. Kent Ninomiya