What is the word? CRISIS! CREDIT CRUNCH! CRASH! CATASTROPHE! etc. etc. etc.
Recently, I was reading a new book of Fareed Zakaria "Post-American World", where author rightly points out that while we scream and shout about contracting economies and free fall of our markets in fact it all is a matter of perspective. Truly. Zakaria and I trust he is right, points out that on the world scale economy grows with an impressive percentage, which I accept might shrink now, but it will not decline.
C words have put number of countries into C mode and number of governments into deep C. Latvia is on the verge of bancrupcy, Lithuania struggles on by installing strictest fiscal discipline. EU seems to be slowly plunging into nationalistic rhetoric and protectionism is back heralds "The Economist". I might greatly underestimate the scale of the situation. But I think the other C should be more prominent on the agenda!
Sorry to all those that rightly speak of the C societies, but we do need to CONSUME more. Consume for the sake of greater cash turnovers in the financial markets, consume in order to restore confidence, consume in order to boost industry and production.
Happy "C" year!