I went for a long stroll this evening. Even after a light meal, I felt a bit heavy. Probably due to eating two boiled eggs yesterday (normally I seldom eat eggs).
Where previously they had restaurants with a bar which seldom had customers, now they have turned them into family restaurants, no alcohol, no smoking, just good food, and they seem to be doing well.
Others, a Turkish kebab house, is on a big scale, but still has a steady stream of customers, it seems to serve fresh well-cooked food and the prices are probably reasonable. Restaurants which people normally use when they celebrate also seem busy. When people eat out, they spend to a budget, but don't like going to places which look a bit too homely, cheap food just to fill the stomach; those establishments will have the occassional customer, but that is all.
When I read that in England people have been spending less on food over the last few months, that suggests people are becoming health-conscious and buying selectively, and probably also eating out a bit more, as the good restaurants being busy would suggest.
The current Recovery in the U.S. is being fueled by the quantitative easing and the record low interest rate. The housing market has started to pick up at last, although fewer houses are being built recently.
The Japanese quantitative easing has helped Japan turn around, with the Yen and Japanese goods becoming a bit more affordable. Coupled with the trend of Japanese investments overseas, this is certainly doing good to a lot of people. As China buys more Japanese bonds and currency, the whole region is promising good growth. Chinese newcasters and public figures seem to be sporting high-end European and American brands in attire, which creates balance in trade and fulfills peoples' taste.
Here in Ilford, shops which were too large are being converted into smaller shops, and people are putting good fitments and creating neat, attractive parades. It probably remains for the Bank of England Guvnor to pump some additional credit and quantitative easing into the system to create a boom, which would be a great blessing and bring the normally happy atmosphere of peace and plenty.
On Thursday I pray the MPC members will give Sir Mervyn King a supportive vote to do the necessary
That's about it, except to mention that the Oil price is still quite high. A lowering of $10 per barrel in the context of 30m b/d would be okay for most of the OPEC members, and as the rest of the world motors ahead, so can the OPEC economies continue to develop their infrastructure projects.