Mist, Meltdown and Miseries

"Winter either bites with its teeth or lashes with its tail." I'm sure many of you have read/heard this old proverb. From extremely moist and humid, the winter is changing its colors now. I've been feeling this for past few days while I go for my morning walk before the rise of the Sun. It feels very good. The best of innovative thoughts strike your mind when you are to yourself and least affected by the routine, mundane and rubbish activities of the day. I wake up quite early in the morning. These days I don't need an alarm. There's a natural wake-up call these days. Ananya (my 17 days old daughter) gets up invariably at that time every morning and creates ruckus all over.

The Sun has started giving solace rather than being treated as an unsolicited guest every morning. There's a thick carpet of dew on the grass all over every morning now. The initial shiver and laze leaves the body only after a few rounds of walk. Of all seasons, I adore winters the most. It certainly is not one of the popular choices yet I feel I am most productive during winters. I get inspired by the sheer feeling of cool breeze in the air.

This winter, unlike others, is little unusual. The feeling is different. Despite the so-called festive season around there's no zing in the air. Global meltdown and economic downturn has hit the entire world. Even wwe Indians are not spared of this onslaught. Stock markets across the world have perished. Trillions of dollars have sunk and the middle class, which wants to earn quick money, is feeling extremely vulnerable. America, the world's strongest consumer market, is pledging for help. The European Union seems to be on its knees to follow its big brother the US. Once considered the world's richest and healthiest companies, are already history. World's largest financial powerhouses are all hoping against the hope. They're all biting the dust one after another. Is it winter that's playing nasty? Greatest of the stalwarts are now showing remorse in what they promoted. All of a sudden 'Das Capital', Marx's answer to capitalism, has started gaining popularity in various parts of Europe. Why? People have started realizing that excessive lust for wealth leads to such massive falls. This is probably just the beginning of a new conscious age wherein people will question the ideology of capitalism and liberalism. Winter's really going to be chilly this time.

The ripple effect of this all is just not confined to those individuals and/or nations who committed the crime which led us to this state but has engulfed the entire world order whosoever was dependent on these so-called prosperous economies of the west. The entire world has started crumbling to this deep rooted economic downturn.

If the Great Depression of the 1930s was the economic event of the 20th century probably it wouldn't be any exaggeration to call this crisis the event of 21 century. Both are very similar in nature and the epicenter of both is in the US.

The Great Depression of 1930 began in 1929 when the entire world suffered an enormous drop in output and an unprecedented rise in unemployment. World economic output continued to decline until 1932 when it clinked bottom at 50% of its 1929 level. Unemployment soared, in the United States it peaked at 24.9% in 1933. It remained above 20% for two more years, reluctantly declining to 14.3% by 1937. It then leapt back to 19% before its long-term decline. Since most households had only one income earner the equivalent modern unemployment rates would likely be much higher. Real economic output (real GDP) fell by 29% from 1929 to 1933 and the US stock market lost 89.5% of its value.Another unusual aspect of the Great Depression was deflation. Prices fell 25%, 30%, 30%, and 40% in the UK, Germany, the US, and France respectively from 1929 to 1933. These were the four largest economies in the world at that time.

If that was some example, this depression is going to be no less fatal. May be the potency will vary from country to country but the fact remains that it is going to affect the lives of millions. Miseries have started engulfing the lives of the middle class everywhere.

To be continued...