Are we slipping into a crisis which is far bigger than the one which was called "first bubble burst"? You know rabbits have a tendency- when confronted with crisis they close their eyes thinking the danger will disappear as they reopen their eyes? Are we too falling into such a trap? We as a rule assume we are insulated from such evils or its not going to touch us? Though one is aware of the common adage "being forewarned and prepared always helps". So have we even analysed this situation? One is receiving text messages like - "Via SMS: 10 years ago America had steve jobs, Johny Cash, Bob Hope and now America has NO jobs NO cash NO hope" about the state of american economy, not to mention the "protests at Wall Steers", I cannot help but think what is in store for future? No matter everyone may want to put up a brave face - but on ground at least the IT sector seems to be in for a major crisis - if it does not restructure its target client base , it has to shift focus from US/ Europe and turn towards other pastures. Though its easier said than done. I am dreading a time when inflation coupled with consequences of economic crisis will push us into times when we will be forced to shun the malls and go to public parks on weekends. Major corporate seem to be prepared for the situation with many shifting focus to Africa and Arab markets, but is the medium range - industry prepared for the windfall?
Also I was reading about the top 10 indebted countries according to external debt, or the total public and private debt owed to non-residents repayable in foreign currency, goods or services, the list is as follows :-
1. United States of America - $148,253.1 million
2. European Union - $ 137,200 million.
3.United Kingdom - $89,810 million
4. Germany - $47,130 million
5. France - $46,980 million
6. Japan - $24,410 million.
7. Italy - $22,230 million
8. Spain - $21,660 million
9. Luxembourg - $18,920 million.
10. Belgium - $12,410 million
Well I am not a pessimist but look at the countries- if any of the top 5 countries tanks- we are in for serious trouble. Common apprehension being- that we expect these countries to bail us out while I think some them may well utilize some help this time around. My biggest fear the recession due to the faulty policies of these nations coupled with the lack of preparedness and corruption of hoarding money out of circulation will push us into a major -major crisis . Hence it is high time that the powers concerned stop all noise about clamping down the media, or going after annoying netizens ,or getting square with RTI activists or trying to fool public on mining scam - this time the government has to seriously put its act together and think smart along with all the parties concerned lest 2012 may spell doom for all of us..........
Also I was reading about the top 10 indebted countries according to external debt, or the total public and private debt owed to non-residents repayable in foreign currency, goods or services, the list is as follows :-
1. United States of America - $148,253.1 million
2. European Union - $ 137,200 million.
3.United Kingdom - $89,810 million
4. Germany - $47,130 million
5. France - $46,980 million
6. Japan - $24,410 million.
7. Italy - $22,230 million
8. Spain - $21,660 million
9. Luxembourg - $18,920 million.
10. Belgium - $12,410 million
Well I am not a pessimist but look at the countries- if any of the top 5 countries tanks- we are in for serious trouble. Common apprehension being- that we expect these countries to bail us out while I think some them may well utilize some help this time around. My biggest fear the recession due to the faulty policies of these nations coupled with the lack of preparedness and corruption of hoarding money out of circulation will push us into a major -major crisis . Hence it is high time that the powers concerned stop all noise about clamping down the media, or going after annoying netizens ,or getting square with RTI activists or trying to fool public on mining scam - this time the government has to seriously put its act together and think smart along with all the parties concerned lest 2012 may spell doom for all of us..........
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