The past couple of weeks people have really started to pay attention to the dislocation of financial markets and their impact on the economies, especially those of US and Europe. People have started to say they think we’re in a recession.
I’m afraid this is the beginning only. We will start to feel the pain in the coming few months. And there will be no relief.
At best we can hope that the pain will be shared around. But without credit to allow businesses to trade, salaries must be cut and jobs too. And we will have to spend within our means. It will not be easy. The best way to approach hard times is with traditional values of hard work, compromise and honesty. Eat healthily (modestly), cut back on alcohol, cook at home, spend time with family and be positive.