I am never an economist, so I never really take note of financial news. So I do not read the Business Times or Financial Times. I go as far as The Economist because the articles are pretty well written, with perfect grammatical structure. However lately, in order to keep up with the times, I have been taking note of what is going on. How can I not take note with the petrol prices going up and down? Not that I drive, but my parents have been saying they want to downgrade the car in light of the petrol prices lately.
In any case, the disturbing news is that with bank runs through the weekend in the United States and Freddie and Fannie making a mess, coupled with the economic downturn and the fall of the Dow Jones, one cannot help but keep one's fingers crossed that this will not continue, otherwise the rest of the world will be affected, not that we are already not being affected. Imagine if there is another Great Depression, with the affluent society and mindsets of people nowadays, I will not be surprised that there will be more people jumping down from skyscrapers so they would not get to see themselves losing everything overnight.
Perhaps soon we may see people going up to the top of the Empire State Building not for the observatory but to jump down from there. On the homefront, it is not too much of a hassle. All people can do are go to the top of their block of flats and jump down. I am not making a joke out of this, just highlighting how serious things can become if this goes on.
Lessons learnt from the previous Great Depression were being too quick to industrialise, as a result, too much supply with too few demand, and everything started crashing. If there ever is another Great Depression, I foresee it may be even worse than the previous one, as half the world's commercialised and industrialised. It will be on an even more massive scale. Which makes me wonder when that happens, do we then all live in the streets, especially when the banks start getting, erh, bankrupt, forcing us to bankruptcy and desperation?
In any case, the disturbing news is that with bank runs through the weekend in the United States and Freddie and Fannie making a mess, coupled with the economic downturn and the fall of the Dow Jones, one cannot help but keep one's fingers crossed that this will not continue, otherwise the rest of the world will be affected, not that we are already not being affected. Imagine if there is another Great Depression, with the affluent society and mindsets of people nowadays, I will not be surprised that there will be more people jumping down from skyscrapers so they would not get to see themselves losing everything overnight.
Perhaps soon we may see people going up to the top of the Empire State Building not for the observatory but to jump down from there. On the homefront, it is not too much of a hassle. All people can do are go to the top of their block of flats and jump down. I am not making a joke out of this, just highlighting how serious things can become if this goes on.
Lessons learnt from the previous Great Depression were being too quick to industrialise, as a result, too much supply with too few demand, and everything started crashing. If there ever is another Great Depression, I foresee it may be even worse than the previous one, as half the world's commercialised and industrialised. It will be on an even more massive scale. Which makes me wonder when that happens, do we then all live in the streets, especially when the banks start getting, erh, bankrupt, forcing us to bankruptcy and desperation?
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