Impending Doom
I don't usually write about the economy here. Mostly because I have a well-known distaste for the whole "profession" of economics but today I feel compelled to write something.
I'm scared.
I'm scared that I'm going to lose my job and that there will be no one left to hire me. I'm scared that I'll lose my home, and be forced to live with my grandparents in the suburbs. I'm scared that my parents are going to lose their businesses, and even their home, and that my grandparents may actually need me to live with them because their pension won't be enough anymore. I'm scared that we're looking at another Great Depression and that the only way out of the last one was another World War.
Some of these fears are irrational, I know. But I see what's happening in the world and I can't help but think of the worst: The economies of the world are tied to resources, which are in turn tied to the biosphere. The biosphere is in serious trouble and the governments of the world are all watching the economy.
Will I have to make a decision between standing on my principles or eating? If my own personal economic standing became so dire, would I choose to knowingly do the Wrong Thing to assure my own survival? How moral is that?
Mass unemployment is only one likely result of all of this. Food and Water shortages are coming and with them, violence in its many forms. I think the scariest part of all of this though, is that no one seems to know what to do. It's one thing to know what everything will suck for a while, but that there is a plan in place to get us all out of this mess, but that's not the case here. The "free" market has gone insane and the whole world is just holding on, hoping that it will end soon. No one seems to know how to get out of this mess.
Maybe the way out of this will be the abandonment of the system that created it. Maybe, out of all of this chaos, a new kind of economy and political structure will emerge and we'll be better for it. Perhaps, but in the present, I'm really scared.
Comments
Lara
21 Nov 2008, 5:32 p.m. |
Me too. :(
Out of all the Rogers companies, Sportsnet is the only one that made budget this year. While I'm not fretting over the fall of huge corporations, I do worry about not having work anymore. And I fear for society at large, because of the inextricable link to poverty and violence. We weren't doing that well when we were "OK" .. how will we fare when things get bad? Maybe things have to get worse before they can get better .. or maybe they'll just keep getting worse. I guess only time will tell.
Andrea
21 Nov 2008, 9:50 p.m. |
The media for the most part has scared more Canadians than need to be. Ontario and Quebec are hurting (manufacturing has taken a huge hit); but this is forcing the provincial Gov'ts to get more organized in attracting new industries.
Alberta, B.C., Sask., and Nfld. are all doing really well right now (lots of natural resources) they will be doing well for a while even with the downturn.
P.E.I and Nova Scotia (thanks to global warming) have been developing new industries (wine) and have longer growing and shipping seasons.
The north is about to go into a mini gold-like rush with countries rushing to find out what they can exploit under the ice.
Unfortunately N.B. hasn't taken the chance to do something unique yet...
As for other points - people are still buying houses; needing the latest toys; driving gas guzzlers - but are starting to switch to more friendly versions - BUYING LOTS OF CARS - our sales have being going up (10% at Toyota this year) unlike the Americans (-26% of GM). Malls aren't empty, and most people still have more money at this time then they did last year.
Also the circumstances are not the same as they were back then. When the market crashed, it did so because people bought on margin (means buying stock on credit) then the brokers had to collect all at once because the companies needed the money - all at once. Also social systems such as E.I and Welfare were not around then; most labour laws were non-existent; and women were not people (in Canada) until 1929...
As to what I am ultimately getting at - some fear and conservation is warranted, but its not the same and I don't think we are going to get anywhere near that now.
Daniel
22 Nov 2008, 12:57 a.m. |
Thanks for the realistic-sounding optimism Andrea. It really does help me relax a bit.
Andrea
22 Nov 2008, 4:03 p.m. |
Your welcome, glad to help!
Also I forgot to add that there was a drought at the time of the crash.... yep media forgets to talk about that too when they compare situations
Pavel
26 Nov 2008, 9:13 p.m. |
Creative destruction is awesome.... I wonder if we will get liberal competing multi-currency environment from this. At any rate, Dan - we are holding the computers - technology without world might as well be midevil. Industrial revolution is already done for, informational is only starting. But I would like to see competing micro-currencies to be the order instead of single currency that is managed by a single entity.
Thanks to Allan, we see that FIAT money system is viable but central control of it suffers from same misgivings as Communist era central controlled & planned Economy...
I think next year more then ever, globalization will become more natural - we will be forced to make decisions together, and that is a good thing. Government leaders, doing more face time & worktime together to solve this difficult problem.
We are a little less essential then doctors, but then doctors must have their computer fixed. Plus Canada is really is in top shape, in terms of savings and liquidity available. Lets hope Harper has some good economists / financial geniuses helping him.
One thing I am against : less free trade.
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