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As many are struggling to pay their bills for January 2009 we continue to see interest rates cut to encourage lending, spending and mending of the economies. We continue to hear of workers losing their jobs as companies cannot afford to keep them as customers are not buying as much because of less disposable income.
As these events are coming to light, they are becoming more common and cannot help but ask myself what next? How bad will this affect us? This may sound funny but people in places such as Zimbabwe went through a recession already, can they go through it twice? The point I’m trying to make is that African people in their countries, affected by political, economical and social instability have been going through a recession for decades now. It now becomes serious when it is on our door step.
A few weeks ago one would be right in wondering if there was indeed a recession as millions went Christmas shopping spending as if there was no tomorrow. Many did not hold out to the January sales and are now very sorry for all that spending at Christmas as they do not have enough to make the most of the bargains available at the moment. I just wonder if the US and UK governments were concentrating so much on the war in Iraq that they forgot about their economy that one person can steal $50 billion under their noses and it is now that there is a ‘recession’ that it is coming to light?
President Obama more than most, knows the significance of this lack of confidence in the marketplace as in his first speech since the election, he said "If nothing is done, this recession could linger for years," Still there is the famous war in Iraq to think about, plus intense fighting between Israel and Palestine, possibly Lebanon and the whole Arab world. The world will be looking to him for answers and many are looking to see what he will do. All news concerning money and wellbeing is poignant to say the least and many unemployed are simply in search of hope to find new jobs to be able to pay their bills. The spending of money is exactly what is needed to stimulate the economy yet more and more people are losing money from the people losing their jobs to the ones running the firms.
So who are not affected by this ‘recession’? Sports stars, top musicians? As rappers are still buying pinkie rings for $500,000 (half a million), soccer players getting £120, 000 a week then I’m starting to think that this ‘recession’ has not yet reached its peak and there is a lot more financial anguish to come if something is not done to halt this seemingly inevitable economic collapse.
This ‘New Great depression’ could be followed by a few possibilities such as: a third world war? Even new opportunities for people to create wealth, new sectors, new inventions, and a new kind of ‘Marshal Plan’ to get the G8’s economies start running smooth again. What about Africa? I say it is up to the Africans to sort Africa out as since Africa’s recession started decades ago, no one genuinely helped Africa. Now it will be even more difficult for the G8 to even think about helping Africa due to the current economic climate.
Time will tell us what will happen to the economy and whether you can keep your 9-5 or whether your 9-5 can keep you.
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