TODAY, I am dishing out something thought-provoking.
My RANTS about our plights in the current economic crisis, from a LAYMAN's point of view:
RECESSION.
Never let this one rears its ugly head.
It's one big horrific word all economists fear.
Imagine this big picture of global FINANCIAL gloom that pundits profess to seize mankind "once-in-every-ten-years."
It's like CANCER, spreading its tentacles to your neck, stifling you gently at first, then harder and then some.
Amen.
The last foreboding DEPRESSION took place in 1997.
It's 2009 now, a little more than ten years after.
Well, the RECESSION has arrived at our shores again, threatening to ruin more lives and bankrupt more businesses.
The HEADLINES are now shouting:
- RECESSION fears drive world markets down. ASIAN stocks suffer dizzying losses.
- ASIAN stocks tumble as concerns about the worsening global economy played on investors, despite continued efforts by governments to ease the financial crisis.
- RECESSION-BATTERED EMLOYERS in USA eliminated 598,000 jobs in January 2009, the most since 1974.
-EUROPEAN SHARE MARKETS spooked by sharp falls in ASIA.
-The IMPACT of the worst financial conditions in 80 years is felt sharply in GERMANY, Europe's largest economy.
-JAPAN slides into its first recession in seven years in the third quarter of 2008.
-CHINA industry (everyone is of the opinion that this dynamic dragon is recession-proof) has dropped to its lowest in 7 years. Southern China has always enjoyed an export-driven boom in recent years supplying the world with cheap toys, gadgets and clothes. But amid the downturn in the global economy, coupled with rising labor costs, expensive raw materials and the appreciation of the Chinese currency, factories have found it difficult to make ends meet. Thousands of laid off workers rioted in Dongguan, one of Guangdong's major export hubs, amid a dispute over severance pay, smashing offices of a toy factory and clashing with police.
This situation took a further plunge before the CHINESE NEW YEAR 2009, with a record of 20 million migrant workers reportedly out of work.
FORESEEABLE SIDE EFFECTS that will shape the lifestyle of an average WAGE EARNER who forms the CORE of the world populace:
- ADVERTISERS will cut back on A & P budgets and focus on other less expensive disciplines such as the internet or new media. Good luck to those big boy agencies who are pressurizing clients for the hefty buck spending to maintain their billings.
-ALL OVER THE GLOBE there'll be massive layoffs as businesses take a plunge into doleful depths.
-CONSUMERS are more price conscious and will hold tight to their purse strings.
- IN ASIA, FAMILIES will dine out less often and eat at home. It's a lot cheaper.
-CONSUMER EXTRAVAGANCE on luxurious items such as fashion products and entertainment will be curtailed. Visits to the cinema and foreign concerts charging exorbitant prices will see a sharp drop in attendees.
- Shopping for beauty products will be secondary option as "filling one's stomach" will score top priority
- As consumer confidence ebbs, tourism falter, thus reducing tourist arrivals and that significant demand for corporate travel. No money, no travel.
-AND HOT FROM THE PRESS! Taiwanese families, in order to stay afloat of the recession blues are abandoning their bigger furry pets. Hundreds of golden retrievers, siberian huskies, german shepherds and other pedigrees are joining the homeless strays roaming the streets scavenging for foods. Good grief, for this mindless brutality.
-PROFESSIONALS who taking home big fact pay checks will face the brunt of having substantial pay cuts or lose their jobs.
The LIST goes on, a la merry-go-round.
THINGS AND CIRCUMSTANCES FOLLOW A DOMINO EFFECT.
It's the name of the game.
It's one thing to deal with political unrest.
Now we have to contend with this thing called RECESSION.
Or ECONOMY SLOWDOWN, if you wish.
Be SMART.
SAVE and INVEST WISELY.
Watch what you spend.
The fear bubble has burst.
Pray - NOW HOW FAST CAN WE ALL RUN?
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