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Posted 24th October 2008 at 08:06 AM by Jetstar125

There is a risk of talking about the current financial situation or passing comment on it, the risk is one could be accused of of talking people into a situation.

Yes it's true that it is possible to talk oneself into a recession, but the reality is the reality.

Nobody talks themselves into being overweight, they actually have done something to get overweight, usually eating and drinking too much and little or no excersise.

Those of us who remember the economically challenging times of the 1980's and 1990's will realise what hard work was to get out of hard times.

However just like the 1920's and 1930's, our current recession is gravitating around bank collapes and a lack of confidence in the markets.

Simply put, when a bank fails a large amount of money disappears from the economy, which has a depressing effect on prices and a stagnating effect on business activity. Depositors scramble for their money, business customers lose their money and cannot finance their activities; thus everyone linked to the bank or its customers becomes economically paralyzed in one way or another, including other banks.

The reality is, we have been here before and we'd all do well to read up on the 1920's. the 1930's and what was the great depression.

It's also a lesson for us.

Life and nature from time to time, check the balances. If something is too little, or too much, or not fair and even, then it corrects itself.

We have been here before.

Gary is debt counseller and privides a web based support service for people and businesses in financial difficulty.

www.helpwithdebtni.com
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