January 2, 2009
Dear ReaderI wish you, and all your family a Happy, Healthy & Successful New Year.
Re-reading previous messages is depressing. We have failed to solve most of the problems previously identified, and face even greater problems. There is no consensus as to the length and depth of the recession and no effective international economic and monetary mechanism to cope with the situation.
Its effects are magnified by the uncertainties of today’s world. Economic and political doctrines have been stood on their head. Who’d have imagined that the biggest nationalisation programme since the Russian revolution would be launched by the Bush White House?
Economists may argue about whether we are theoretically in recession or depression, but there is no doubt that we are already in psychological depression.
2008 has seen the ‘devaluation of money’ – at its worst in the Bernard Madoff fraud. Hopefully, we have learned the moral lesson that money must be servant and not master.
One piece of good news is the election of Barack Obama. Will his “audacity of hope” – the flip side of Franklin Roosevelt’s “there is nothing to fear but fear itself” – lead us out of depression? Returning to a world of hope from a world of fear will require deep commitment and personal sacrifice.
Stanley CrossickAuthor : Stanley Crossick