Sunday, December 12, 2010

Economic Recession of 2008

2008 will be remembered as the year of disaster for the world economy. The bubble burst and led nations, economies, governments, companies and individuals slip down the ladder of economic growth and prosperity in such a manner that recovery seems nowhere in sight.

Snakes and Ladders

The situation is like being in the 90s in the game of snakes and ladders, only to be bitten by a snake that takes one all the way down to the 10s or even lower! For those of you who haven't ever played snakes and ladders here's a quick description, one has to move from 1 to 100 progressively on the throw of a dice. Every time one reaches the bottom of a ladder one can climb up to a higher number and on the other hand, if one is bitten by a snake one has to move down to a lower number.

Learning from the Recession - the Three Key Questions

There are three questions that we must answer if we are to avoid such disasters in the future:
  • First, why did this happen?
  • Second, what can be done for the recovery?
  • And the third and the most important one, what can be done to prevent the recurrence of such a catastrophe in the future (assuming it is possible)

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