…If historians look back on today’s severe downturn
with its crumbling markets, rising unemployment and massive government interventions
they could well be busy analyzing how globalization,
the spread of trade, finance, technology
and the movement of people around the world went into reverse…
…For generations, the deficits that we have run this past decade
and the trillions of dollars we are spending
now mean we will be highly dependent on foreign loans
from China, Japan and other parts of the world…
In every case, employment has been plummeting.
…So far popular demonstrations against government policies have taken place
in the UK, France, Greece, Russia and throughout Eastern Europe
and the governments of Iceland and Latvia have fallen over the crisis.
…In the 1930s, when capital flows and trade among countries collapsed
and every country went its own way, world growth went into a ditch,
political ties among nations deteriorated, nationalism and populism combined
to create fascist governments in Europe and Asia and a world war took place.
It took at least a generation for globalization to get back on track.
Jeffrey E Garten
Yale School of Management
Held economic and foreign-policy posts
in the Nixon, Ford, Carter and Clinton administrations
If financial markets are mirrors of mass psychology, and many simultaneously experience anxiety, depression, stress, emotional instability, unresolved grief, unemployment, homelessness academic problems, career burnout, sleep disorders loss of confidence and self-esteem along with feeling deceived, what does the recovery process of a nervous breakdown involve?
