“It is not the critic who counts not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. We don’t see failure as failure when risk-taking is involved. Let’s face it, Americans love the underdog. Also, we value the entrepreneurial spirit. ranked second overall – ahead of Sweden and behind Israel – in venture-backed capital as a percentage of GDP, according to The Organization for Economic Cooperation and Development (OECD). However, less than 4 percent of Brits are entrepreneurs and less than 3 percent of the citizens of France, Sweden, and Germany are so inclined.į postulates entrepreneurship in America can be attributed, in part, to the fact that our country is a magnet for venture capital. That’s almost 7.5 percent of our population! The Netherlands isn’t too far behind us in the ratio of entrepreneurs to population at large (about 6.5 percent).
About one of every 13 Americans is an entrepreneur, according to The Economist. For example, we have more entrepreneurs – people who organize and operate businesses – than any other country in the world. IF YOU’VE BEEN LAMENTING THE STATE OF AMERICA, TAKE HEART… We’re still really good at some things. Indices are unmanaged and cannot be invested into directly. Past performance is no guarantee of future results. Sources: Yahoo! Finance, Barron’s,, London Bullion Market Association. Notes: S&P 500, Gold, DJ-UBS Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized the DJ Equity All REIT TR Index does include reinvested dividends and the three-, five-, and 10-year returns are annualized and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods. Needless to say, the new quarter holds endless potential for storm and stress. government is at risk of defaulting on its debt an occurrence experts say could send shockwaves through the global economy. If they are unable to resolve differences, the U.S. Last week, Congress reached an impasse and the government shutdown partially. fiscal policy as Congress battled over budgets and debt ceilings. Markets breathed a sigh of relief on the tentative hope positive growth signaled a turning point for the region’s lagging economy which had been in recession for 18-months up to that point.Īs the quarter ended, the world’s attention turned to U.S. Apprehension increased when the country’s finance minister, Lou Jiwei, confounded analysts and investors by suggesting China’s Gross Domestic Product (GDP) growth rate for 2013 might be 6.5 or 7 percent rather than the official target of 7.5 percent.Įurope may have turned the corner. In mid-August, the Eurozone’s GDP grew by 1.1 percent annualized. The ensuing cash crunch created concern China’s economy might be in trouble.
Shibor was about 2.5 percent early in 2013. As curtains opened on the third quarter, the world saw Chinese banks staggering as the Shanghai Interbank Offered Rate (Shibor), China’s benchmark interest rate for an overnight bank lending, exceeded 25 percent. Shibor Shock startled investors. During the second quarter, China’s GDP grew at the slowest pace in more than two decades. The most spectacular performance may have been delivered by the Indian rupee which went from being Asia’s worst performing currency to one of the world’s best in just five days. dollar early in the quarter some regained it as the quarter progressed. Many saw their currencies lose value relative to the U.S. monetary policy had a profound effect on emerging markets. When reminded of that fact, markets retreated a bit.Įmerging market currencies bounced. Changing expectations for U.S. Apparently, they’d lost sight of the fact that the Fed could decide to taper at its next meeting in October. When the Fed didn’t adjust quantitative easing in September, markets celebrated.
monetary policy affected global stock and bond markets throughout much of the year, and third quarter was no exception. Federal Reserve’s ongoing commentary about potential changes to U.S. In between:įed officials had a lot to say. Like background music that manipulates your emotions, the U.S. It began with an overthrow of Egypt’s democratically-elected government and ended with the United States government at risk of defaulting on Treasury and government obligations.
For Sturm und Drang enthusiasts, the third quarter of 2013 held plenty of mayhem and emotion.
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