Travel Diary

This summer, I visited Portugal, Spain, and Italy. Porto was delightful, Toledo lovely, Malaga dirty, and Milan underwhelming. Some general thoughts:

1. I’ve been looking to settle overseas, and it’s been more difficult than expected. Most places have similar levels of corruption, inefficiency, and/or incompetence as California, and a superior public transportation system isn’t enough to overcome other issues.  I recently wrote, “I’ve been traveling for ten years, and the only things I miss about California are Mexican food and the weather.” Compared to a decade ago, most countries have drastically improved amenities and consumer options, but one gets the sense lawyers and judges everywhere are indifferent to the individual, and a case of benign neglect can be equally good or equally bad for a foreigner desiring a new “America.”
2. Overseas, very little has changed regarding access to American consumer products, and increased competition from local companies has made most American products cheaper. An example: I scored “Air Jordan”™ shoes at a Malaysian outlet for 75% off the full retail price, but I also saw Chobani™ yoghurt and American sodas priced two to three times higher than other vendors. My prediction? Tariffs will not drastically alter the consumer landscape for the average person; instead, they will breathe new life into shopping malls and in-person experiences. What will change are the number of BYD vehicles and other Chinese products seen ex-USA, particularly anything battery-powered. Chinese companies know it’s their time to shine, but will they navigate politics, media, and laws in new landscapes as adeptly as the EU, Australia, and other competitors salivating at capturing American market share? In SE Asia, the answer is yes, mainly because SE Asia is hardly “new” to China; at the same time, China needs to expand its circle of economic influence quickly, or overcapacity issues will undermine its progress.
3. Walking in Europe is a stylish experience, particularly after Singapore. No modern city can replicate hundreds of years of history underneath Europe’s cobblestones and castles, even if governments and historians disfavor highlighting pre-1511 events. As someone who thinks any shirt with buttons qualifies as haute couture, for the first time, I understood why people pay so much for European luxury brands: a purse or shirt used daily can be a reminder of a more profound European atmosphere.
4. Cryptocurrency has gained credibility, but fewer than 10% of Americans may have meaningful holdings. In fact, according to the Saint Louis Federal Reserve, “roughly 4.3% of Americans held such [cryptocurrency] assets.” While traveling in the EU, I saw nothing indicating widespread or mainstream adoption of cryptocurrency. Even in Singapore, which is considered crypto-friendly, I saw no obvious signs of general acceptance. Until “gas” fees decline and/or Web3 applications and browsers become more useful, it appears cryptocurrency may remain a focus primarily for software engineers and underground economic actors.
5. Finally, I continue to search for a new “America.” I now believe increasing consolidation in real estate and finance has multiplied Western problems all over the world, and until non-SWIFT conduits gain credibility, the United States will remain a preferred destination.

© Matthew Mehdi Rafat (August 2025, from Singapore)