Read a editorial in the Hong Kong paper however which is helping me greatly to find perspective. I summarize:
Workers are being laid off. Housing values are tumbling. Retirement investments are in decline and retail food prices are escalating.
All true but the vast majority of the world's people do not have bank savings, shares, their own homes or salary-paying jobs.
Non-industrialised countries account for 3/4 of the world's people. It is easy to forget almost half of the total 6.7 billion population live on less than $2.50 (USD) per day. 80% less than $10 (USD).
For these people our talk of fiancial turmoil is met with a shrug and confused "What crisis?"
For many of these people they cannot get any poorer. 4 out of 10 do not have adequate sanitation, almost one in six did not get enough education to be able to read and write and a quarter of humanity live without electricity. They are not too impacted by loss of refrigerators, flush toilets and televisions. Nice to have but not considered a necessity.
Here in the Philippines, where I'm writing now, a help wanted add helps bring this into perspective. There are some jobs. But competition is tough. A Pizza Hut in Aalamba City says "Qualifications 18-25 years old, at least 160cm tall for femailes 165 cm for males, must be at least in the second or third year of college in any 3-5 year course, maximum of 18 units currently enrolled, good communications skills with pleasant personality, smart and agressive.
So...if you don't have money to go to the university, are not young, tall, good looking and a linguist, you cannot deliver pizza.
Tough world out there.
Sure I am as eager as anyone for this recession/depression (whatever it is) to end. But come on now, let's keep perspective.
