I guess the problems of lack-of-jobs / unhealthy-economy only arises when pilots aren't willing to take a bottom of the ladder job to get a foot in the door..?
Exactly.
The main event is the Recession in the US, the one just starting in Japan and the one the EU will be in next year.
No recession starting in Japan, we just had a very strong quarter.
There's just a tender slowdown due to reduced exports to the US.
The Olympics are good business for the Japanese travel industry, as Japanese will not hesitate to visit their neighbors and see their landmates perform. The media industry and telecoms will also benefit from the olympics.
The EU in a recession next year?
I don't think so. The 21st century EU industries are very diversified due to different countries proposing different services/products and at the same time the EU being very contained within itself. External economic pressures matters to some regards, as many industries like aircraft manufacturers rely alot on exports but in worldwide depression situation, the EU can become a productive island.
Governments and authorities are almost recession-proof as different authorities overlay to form a web of redundancy unlike the U.S. where the government has full control on everything.
I see 2009 as a very good year for many EU countries and seen that 100% of WWW's apocaliptic predictions (oil at 200$
, all airlines grounded by year end
, back to stone age
, etc...) are failing, I feel pretty confident when stating that here.