As worry and panic infiltrate our markets and exchanges The President, Washington, and Corporate America are showing no real leadership. People are beginning to fear this dam might burst at any moment because the mortar patches were not sufficient to hold it back. The problem has become so widespread it is in USA, Europe, Asia, and likely soon to spread beyond. The debt worries in Europe, the financial drag and our own debt worries, the problems in Japan and beyond in Asia, have reached a critical point where fear has become panic! I have studied the Great Depression and 1920's-1930's era and am deeply worried because I see a eerily similar pattern of contagion spreading throughout global markets that could lead to another crash which led to a decades long depression in the United States and much of the world and the worst one ever experienced. I am not intending to add to the panic I am simply sending out a warning to all who read this to hang on tight this ride could get very scary. Do not panic but be aware the global markets are on a downward spiral that could accelerate or decelerate depending on the news of the moment. The jobless numbers will be a huge factor of what the markets could do today if they are bad all bets are off and the market could have severe losses if good the fall could decelerate but still likely to be in negative territory. Meanwhile political and business leaders remain silent as the beast rears its ugly head, so if your counting on them rescuing us you got another thing coming. The only thing bigger then our nations around the worlds deficit is the deficit of leadership in those nations. Our leaders are running around like chickens with their heads cut off not knowing what to say, what to do, what decision to make. Congress and parliaments squabble like sheep being led in every which direction not knowing truly what to do though they claim they know everything. Business leaders sit on mountains of cash waiting on consumers to buy meanwhile consumers hold onto their wallets waiting on the business leaders to hire. It is staring contest and someone's got to blink first before the situation will change. Business leaders are as puzzled and panicked if not more so then everyone else, they not only have poor confidence they have no confidence. It is going to take bold and unprecedented moves to change this downward trajectory or we will soon hit the hard ground at the bottom and self destruct.
What those moves are I do not know, I wish I did. We need to have an emergency summit and find cost effective ways that wont further balloon debt to get our economy moving again. We need there to be bipartisan political leaders, variety of business leaders with different personalities, styles, and outlooks, economist of all schools of thought, labor unions, farmers, manufactures, engineers, members of the public, etc... to come together to solve this problem. This is the biggest threat this generation faces and it staring at us in the face and always near. Thus we can run but we can not hide, eventually its going to catch up with us and when it does it could be horrific and bite our face off. This is like putting off a root canal at the dentist the longer you wait the more the decay and worse the suffering. It is time to fill this root canal before we have to pull the tooth! We need to remain calm enough to think rationally but be vigilant enough to be aware and be prepared. Fear is the worst thing for improving economies and will only insure deep downturns, strong contraction otherwise known as a recession or deep contraction otherwise known as a depression, further increase the chance of a credit downgrade, cause more job losses, and more foolish moves by governments and business. Business may have to be bribed to hire and consumers bribed to spend. This is not the time to remain tight-fisted but the time to spend preparing for what is to come, if nothing else spending to fill your pantries and storehouses of supplies for hard times should they come. This is not the time for business to be greedy but the time for business to hire to break the joblessness slump that has spread throughout our economy to prevent further softening of the economy and joblessness, which means even less consumers to buy your products and services. This is the time to put partisan and childish fights behind and for our leaders to come together acting like adults and helping to be the solution to this problem not further expanding it. This is a time for the President of The United States to stand tall and lead not take a backseat, to advance not retreat, to talk to the people not ignore them. This is a time for the people to lend a helping hand to our neighbors, write to government and business leaders and protest their inaction, and stand brave ready to face this enemy (our bad economy) no matter how fierce and come out victorious. For the only thing we have to fear is fear itself!