Panic is Over Rated

The Dow Jones fell as President Bush spoke this morning to reassure the nation and the world that the crisis that is plaguing the financial markets will be averted and solved. While the full effects of the market meltdown are yet to be felt, it is safe to say that this crisis is a global crisis, effecting not only the G-7 nations, but also Russia and China, or the whole industrialized world. The question one must ask is, is there a solution? If the entire industrialized world is in crisis, to whom does one turn? What recourse is there? One might surmise that the only solution is mass migration to the 3rd world. Or, one might surmise that in order to revive the economies one must create a demand for their goods and services. But, if the entire industrialized world, and much of the non industrialized world are strapped and suffering from a state of paralysis, the situation is bound to become more acute. Where are the demonstrations? Are people completely ambivalent? Time has always been the best cure for any ailment, but time might only exacerbate and make the situation worse. The world is in a crisis, and no one - rich and poor, educated and non educated, employed or unemployed - appears to trust the media, the banks, or the government.