I started this blog two years ago because I was concerned about our future. On the sidebar near the bottom you can read my ramblings about what I also called "the E's." I also included Entitlement and Empire.
The future is now. This is from today's Johnson City Press:
- Area Retail Sales Showing Signs of Strained Economy
- Congress Sends White House $15B Auto Aid Proposal
- Jonesborough Officials Tell Department Heads to Try to Tighten Budgets
- Economy Bad All Over, Even Before Current Crisis
- Dow Chemical to Slash 5000 Jobs, Close 20 Plants
- Tribune Seeks Bankruptcy Protection
- Laid Off Workers Become Symbol of Mounting Anger
What do you think? Is this an economic blip and we will get back on track, onward and upward forever?
Or is this a sign that we are reaching the limits of our planet's ability to sustain our economic growth?
Watching the melt down from the other side of the planet, makes me think we're headed for a major correction. I don't see how, in todays global economy, this is going to turn around soon. Factories are closing here, unemployment is way up, people are leaving the cities to return to their home villages to find work. Just in our area, housing prices have dropped by almost half. We have huge, expensive, apartment complexes that are standing empty and yet, they are still building more. On Sunday I toured a new development with houses in the millions of dollars, they have sold one.
ReplyDeleteEven the oil companies that were raking in the profits a few months ago and hiring everyone that could walk in the door, are now talking layoffs.
I have no idea where it will end, but I really don't think we've come close to bottom yet. These are interesting times we are living in. Those of us in the privileged classes are probably going to have to make some painful adjustments, but that probably is a good thing for our planet and our souls.
Sara,
ReplyDeleteSo glad to have you as a correspondent from China. I don't get much news from the most populated country on the planet.
What I hear you saying is that China is feeling this economic crunch as well?
John - Big time! The government is even admitting to it on the news. Since they downplay bad news, it has to be much worse. The wholesale market is full of things from cancelled orders from the west. Need anything? On a positive note, closed factories mean cleaner air. We've actually had blue sky several times recently, locals say it hasn't been like that in years.
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