People are still spending

sammy84 said:

So long as people still spend or are willing to spend the world will still turn. I think Irrational Despondence sums it up perfectly.

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So spending more is the key to turn this world around? Why saving is such a bad thing? Ahhh wait, because the all-knowning ECONOMISTS with their grand theory of Keynesian-istic holy grail of "there ARE free lunches!!!" told you so. They are the experts and if they advices the public to spend and borrow more, then you should do so.

For the fun of it, watch this latest South Park episode on the economic crisis.

www.youtube.com/watch?v=E7yxoOWJdnY

No one is denying that Australia is resisting the crisis much better than the rest of the world, but you can also not deny the economic data coming out have been worse since the last several decades.

And from a psychological perspective, it is very easy to draw conclusion on the basis of your own perspective of the reality. You can be living under a rock all these years and the world is in an ultra great depression, then you come out and see a flourishing Sunday Market. (at least based on your experiences) You would draw on the conclusion that everything is well right?

There are simply too much intervention by the government right now that distorts the reality of the situation.

Be a realist, not an unrealistic optimist. And no, I don't think the world is going to end. A great depression might be a good thing for everyone anyway, and there bounds to be plenty of opportunities for everyone after it.