Does This Chinese Building Predict An Omen of Economic Doom? (Video)
Why This Chinese Building Could Be An Omen of Economic Doom
9 June 15
Nothing marks the height of human achievement and economic prowess quite like a skyscraper. Or does it? Check out the history of economic crisis as it relates to the building of skyscrapers!
The newly completed 2,083-foot tall Shanghai Tower is officially the second tallest building in the world, and the tallest in China.
And there are still taller planned skyscrapers, like China’s Sky City and Saudi Arabia’s Kingdom Tower.
But as “cool” as all of these buildings are, glitzy construction booms have historically coincided with the beginnings of economic downturns, according to Barclays’ “Skyscraper Index.” (For all you economics wonks out there, basically, skyscrapers can be considered a sentiment indicator.)
Using Barclays’ index, we pulled together 10 skyscrapers whose constructions overlapped with financial crises.
The Long Depression, 1873–1878
The Long Depression, a pervasive US economic recession with bank failures, coincided with the construction of the Equitable Life Building in New York City in 1873.
At the time, the building was the first skyscraper at a height of 142 feet. (You could stack 14 of these on top of each other, and they still wouldn’t be taller than the China’s new Shanghai Tower.) MORE
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Whistler Blowers, Insiders
When hard working, responsible, regular people, can’t afford to pay the bills , and have to “downsize”, just to keep their heads above water…..you have a true indicator of the economic downturn to come….it has already started….won’t get better. We need God’s mercy…….