On debt . . . and possible bankruptcy

When I was visiting Shanghai, a friend made an observation that the Chinese culture highly values the act of saving. From buying a t-shirt to a high-rise cramped condo close to the consumer’s Paradise of Nanjing Road. She pointed out that in North America we just take out loan after loan, credit over credit. Student loans, car loans, mortgages. . .it’s definitely a cultural difference, but now this culture of credit and debt is ravaging the world over.

The news in China reported a growing number of bad credits. This is similarly reflected in South Africa where the problem of credit is hitting the poor.

I just saw in an article that shows the expected contribution of net savings to the global economy in 2005. Japans leads at 157 billion, China at 76, Britain at -54 and the US at -724. According to a Statistics Canada report titled Review of Personal Disposable Income, the household savings rate in B.C. fell below zero in the first quarter of 2005.

Good Day Sunshine

Can you believe that it’s actually sunny in Vancouver? For once, I’m actually starting to believe that summer is here. This is what it’s supposed to be about, blue skies and bright sun. For the past week, people have been just walking along the boardwalk by the Fraser River with shorts and tank tops.

Sun for the Folks

So now I feel I must to write about the Folk Fest. Great weather, lot’s of people as always and good music. Volunteering gets you lekker lunches and dinner throughout the weekend and a chance to chat with artists behind the main stage. I did overhear a conversation between K'naan, the social Toronto-based rapper from Somalia and a couple of unknown artists but I was too shy to say hi. . .

Found a few groups that I liked and was grooving to. Buck 65 is this country / hip-hop fused prodigy from Nova Scotia. Some call his stuff hick-hop! It’s actually really compelling and makes me laugh at the same time. Twangy rap. . . Then there was Xavier Rudd from Australia who gets the fanny packs hopping and arms flailing to rhythmic didgeridoo beat. He’s pretty down on the activist stuff and gave a bit of an earful on aboriginal rights. Feist was pretty good too although she might have been trying a bit too hard to sound like Bjork / Esthero. The Jaipur Brass Band reminds me of the Bollywood Brass Band with its tight Bollywood, marching band enthusiasm.

And of course my sole reason to volunteer this year was the Dhol Foundation! How wonderful to finally see them live on an outdoor stage. And Sarah Harmer was great as always. What a perfect way to welcome real summer weather!