For most citizens around the globe, the year 2008 was a year of record proportions. Unfortunately, the records that were broken were all on the negative side. On Nov. 20 the S&P 500 Index dropped to 752, the worst close since it hit 744 in 1997. The unemployment rate in the U.S. hit its highest rate since March 1994 in Oct. to 6.5%. The Home Builder Confidence Index dropped to 9 for the month of October (a rating of 50 means half those surveyed say the outlook is good), this was the lowest since the index was created in 1985. And even auto giants like GM saw their share price drop to $1.72 on Nov. 19, it’s lowest since 1938. And if that wasn’t enough, media around the globe are already talking about “GD”, yes you guessed: Great Depression”.
So if 2008 was bad, what can we expect in 2009? Well, if you take a look at headlines around the globe in the first week of 2009 you can already get a clear picture of what awaits us:
- Eurozone services survey hits lowest in 10-year history
- Toyota to suspend production in Japan for 11 days
- China risks protests and riots as crisis bites
- Chile announces $4 billion stimulus package
The list goes on, but just by reading over these four headlines from around the globe you can already understand that 2009 will be no easy ride. The Eurozone services survey reflects a feeling of confidence which is probably also felt in other countries around the globe. And Toyota’s production suspension has already been experienced by other automakers around the globe – in Spain auto production came to a near total halt in Dec. 2008. And the riots and social unrest predicted in China has already occurred in the U.S. on Wall Street, even though you probably didn’t hear about it in the mainstream media. And last but not least, Chile’s announced stimulus package has been replicated in different quantities in countries including Spain, UK, China, USA, Brazil, amongst many others.
With a year of record proportions behind us and a new one ahead of us, has the time come to ask ourselves critical questions? Is it time to ask ourselves constructive questions about our philosophy of life? Should we all be severely analyzing our role in this colossal collapse? While some are already discussing failed capitalism, others are upbeat and forecasting an end to the recession in the first half of 2009. With such mixed views and eclectic opinions, citizens around the globe are essentially split and solutions proposed by world leaders fail to meet general consensus. And instead of asking ourselves what the underlying source is of this majestic collapse of our house of cards, the majority decide to look the other way and stereotypically prefer to kill the messenger. And you, where does your opinion stand? In who’s hand is your fate for 2009?
Image by nattu adapted under Creative Commons.
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