I often wonder about the psychologogical effects of the media.
Being a teacher, we are made aware of the importance having a positive attitude when teaching. This is no different from the medias role in educating us. After all, when it comes to world economics, most of us are students!
I don't doubt there are serious financial problems in the world just now, you would be have to be rather silly to disagree.
It would, however, be interesting to see the short term effects on spending if the media started reporting that things were looking rosy in the garden of economics.
I have to be honest, I have not felt any effects of the recession yet, in fact, I have more money in my hands each month now than I did a year ago, due to falling interest rates.
Before anyone starts, I know that thousands have lost, or are at risk of losing there jobs. But how much of this is affected by consumer confidence rather than a lack of money going round. It seems rather catch 22 to me, less confidence, less spending, less jobs.
I think humans, as a race, are rather prone to the sheep philosophy of comfort in numbers, and right now the flock is heading towards a (necessary) adjusting of spending and more importantly, family values. I have lost count of the number of friends who have started talking about "material purchases are not as important as being together with their friends and family, that's what really matters" they say. The same people two years ago were more concerned with the size of their house ands how many cars sat in the driveway, THAT was status!
Whats the difference? Almost all of these friends have no less money, they are just scared that they are going to lose all their money, where does this come from? the media.
We are in a rather depressing cycle just now, but I do wonder about WWW's rather dark view of a new world order ruled by violence and anarchy, I would have to disagree. To use his own comparisons of WW2, If anyone has had the privilege of speaking with some of the brave soles who lived through this, they will tell you that , in a crisis we know how to come together and work as a collective. Many survivors talk fondly of the sense of community and spirit experienced in those hard, hard times.
I don't doubt, there will be increases in crime rates, some people will always choose to look after themselves at the costs of others, but lets not try and turn this into a "mad max" scenario where the world as we know ends.
So, in conclusion (and to to avoid too much thread creep). This will probably be a long recession, we will adjust our values again and concentrate our efforts on things that don't cost money, our children will actually benefit as we will spend more time with them rather spending more time spending money, the world will continue as normal with a slight increase in crime rates but a significant increase in family and community spirit. We will come out the other side and we will again start spending money we don't have.
And finally, there will be pilot jobs again
Regards D-G