Wednesday, 28 January 2009

Melting Down…..

The current economic meltdown of one of the leading industrialized nations of the world USA, has now wrapped its way around the world!

The effects of Wall Street, are not limited to New York and the US alone, but are affecting markets from corner to corner.

With drops and blows to the US Dollar, to increased fuel prices, the shaken-up US economy throws its neighbours in one of the most deadly setbacks faced in the market in a very long time.

A dark heavy cloud enwraps upon our destiny.

Reasons and explanations may be given for this; yet people cannot fathom the idea of how they suddenly were struck with unemployment- when they did nothing wrong!

Sudden loss of jobs in the economy, loss in hope and faith in people… this collapse in the economy has affected people in every aspect of their lives.

Higher fuel prices force children to walk to school, so as to save money! Studying form old textbooks, paying more for their lunch, wearing last year’s clothes all steps to save money, because of this shady economic fall.

Bankruptcy of large and well established investment banks, commercial banks have led people to lose confidence in each other. This all is the sign, of the wakening of a second GREAT DEPRESSION.
The signs were evident back in December 2007, when the US started experiencing the first signs of unemployment.

Moreover, who can people trust now? When can people feel assured?
Questions that have arisen; that only time holds the answers to.

Companies left right and centre are getting affected! Lehman and Brothers, Merril Lynch, Washington Mutual, JP Morgan and many, many more can add on to the list.

It’s not about listing and summarizing the companies that have got affected, because that’s just a sheer waste of time! We have to just accept it, and deal with it!

Top researchers, are trying to explore possible linkages between this Great Economic Collapse, to previous economic crises that have taken place before.
Reasons why its taking place, how to deal with it and eventually how the country regains normalcy are being linked up to try and find a pattern.

Man needs a reason to believe.

What has this done to other parts in the world? What really is happening?

Employment nowadays is very bleak, as organizations across the world do not want to increase their expenditure. Trying to save every possible “penny,” people are constantly looking at ways to save the last buck.

Is it the government’s fault? Why did banks have to give mortgages to people when they knew they would never be able to keep up to the payments?

From America to Europe, Australia to UK, South America to Asian countries no nation is an exception.

India too has no escape from this. With a major slowdown in economy, India is yet coping with these changes in the economy, the currency power, and business.

Companies are all trying to keep up with this disastrous crisis.

Top airlines too face a challenge. India’s Jet Airways, one of the leading in the sector too has no escape from this. Knocking off 1,900 employees owing to the constraint and tight position the economic slowdown has put the world in; flight schedules too have been drastically reduced.
Where are these people who have lost their jobs going to turn to now? Who will employ them again, and how will they regain their livelihood? All these questions yet remained unanswered, as fear has swallowed the world alive.

Can there be any logical or rational explanation to why this is happening?

There is no escape for any nation, as the world eventually is an inter-dependant web in the field of the economy. The power of US Dollar affects every nation around the world, and the downfall of the US brings the downfall of each other.
This is a rapid maze, a spiral downwards to an unknown future.

An interesting yet heart breaking thought is how; many people have turned to the most bizarre methods to earn a livelihood. Earning money, by taking care of other people’s pets!!! In mere desperation for survival, and to remain happy in this nightmarish situation, people strive to move on.

I, myself am just 22 years old; and there’s not much I can do about this situation. I work at a very well known publishing company- Spenta Multimedia and recession has found itself over here too. The profits have reduced in magazines. Well-known magazines like Solitaire have started facing extreme deficits in their profits.
It’s hard to find employment during these times. It’s hard to see the silver lining upon the cloud, and even though times seem grim, we have no choice but to hold our heads high and hope and wait in optimism and continue with the same diligence and dedication in our work. We cannot falter in our emotions and break down in emotional stances- this is a time when we have to take what destiny has brought about, and climb upon the wavering stairway.