"What is frightening is not any one event but the prospect that things are slipping out of control. Panic - political as well as economic - is the foe. The chief economics commentator commented in the Financial Times. Political economy is mentioned in "Keys for Economic Understanding." Cf. www.Amazon.com or www.ask.com online for reference of the nexus of politics and economy in USA and in China apropos of Monetary Policy in particular.
The crisis caught folks by surprise and is global in scope. However,true success is derived from providing VALUE to others, not from grabbing material things on earth.
Let us be spontaneous and surrender to the unexpected with equanimity and fortitude.
"Capitalism's inherent instabilities were blamed - fairly, up to a point. However,positive externality must be understood such as education in the public sector re economic development apropos of training as human capital. Overborrowing, over investment and speculation chronically govern business cycles. The FED unwittingly transformed an ordinary recession into a calamity by permitting a banking collapse and a disastrous drop in the money supply." My comment: The lifestyle of the people and the FED policies plus the poor management have caused the crisis in the world. Equation of Exchange and Quantity Theory of Money may be noted for reference but the credit explosion has diminished the light to the full capacity. Lately,consumers have curbed spending and would have impact on the GDP to contraction from the Consumption Sector. We must find spiritual retreat to remain calm in the language of humor with faith,hope and love in this mundane world. We navigate via instincts with inspiration and motivation.
Francis Shieh a.k.a. Xie Shihao with thoughts in the field of economics and philosophy of life.
October 6, 2008 at 10.06 a.m.
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