Economic Crisis and Global Recession in 2009

The aftermath of the sub-prime mortgage meltdown has its ups and downs. Some has positive lights while majorities are affected by it. Peoples and citizens of the world are affected from different ways. For instances:


1. from chinese factory workers who lost their jobs before Spring festivals

2. factory owners closing down in Guangdong province in China

3. to the bankrupt Lehman Brothers in US

4. the management guys from Lehman Brothers who are selling their multimillion dollar vacation houses in the States (details here)

5. to the big 3 automobiles company in US, namely, Chrysler GM and Ford who are looking from federal government assistance to avoid bankruptcy

6. to the Greek bonds which is now rated as junk

7. the Italian government who has a Euro200 billion debt

8. Sandy Weill, the former chairman of Citigroup still having the benefits even Citigroup lay off 60,000 employees (sources here)

8. etc etc etc and bla bla bla (much more to be continued here)


Of course, the other end of the spectrum would be those who make billions betting (or shorting) against the sub prime mortgages before the economic meltdown. People such as John Paulsen and George Soros, who rakes in billions due to this economic bubble burst. (read more here)

What makes me more interested in reading the article, was when i read one of the comment:

Harry Papastavrou

The main problem of the euro is the lack of central debt management and a stronger political union. When the above will be realized in a reasonable degree, the dollar dominance as a world reserve currency will be History.

The fundamentals of Euro are far healthier than those of the dollar and holding dollar can be a very risky investment. USA owes the use of the dollar as leading reserve currency to its political and military global dominance, without this dominance the dollar would be nothing more than a week currency.

This global dominance allows the USA to use most of the world savings to finance its economy and the extravagant military spending, by issuing in fact papers (treasury bills) and taking the global hard earned savings, promising to repay them back, let hope this will happen (actually the Americans trust in God that will not be a global sell off of the dollar in which case we will have the first in History bankruptcy of a superpower).

The pound is in a deplorable stage and the downhill of the British economy really scares me, which has robbed the people a huge portion of their hard earned life savings, on top of that this severe devaluation does not bring any good to the UK economy.

For the time being I think is a good psychological therapy to project your woes to the euro currency/area.


Reading this makes sense to me. Now, i am wondering, what is the value of the results we do everyday? Does it make sense for us for us to do what we are doing everyday? Given the fact that life and money has something in common, fragility.

The only differences i see, is the value we set upon both life and money. What is the value you set upon yourself and your money? How do you judge the value of your character, your life and your money?

I'll let you to be the person who answer for yourself and be the judge.