Well, we all know that the world is experience an economic recession, this is no secret and if you don't know, then I will have to assume that you are living in a glass case and has not been out for air in a really LONNNGGG Time... Poor you.... But this recession is the real deal and not one economy will be left unscathed. Since I have been in Nigeria, the value of the Naira (the local currency) has depreciated twice to the US dollar. And if a depreciation is announced in the morning, by afternoon all prices, be it in the supermarket, store, market and/or street vendor, ALL prices increase and they tell you that they now have to pay more for their goods. So I can only assume that for the average Nigerian, life is becoming rather costly on their stagnant salaries.
But as the recession takes turn form, the world is looking on at the impact it is having on some of the larger economies, such as the US and UK, which has been hard hit financially. In response to the economic downturn, the Prime Minister of Trinidad and Tobago, in November, 2008 called on citizens to "Tighten their belts". This call was met with heavy criticism and complaints, as some persons believed that the call came too early and would negatively impact sales and business over the Christmas and carnival periods. One month into the new year however, the nation was informed of Government's intervention in one of the country's largest financial companies.... And I ask, where are the critics today and what do they have to say?????
Now do not get me wrong when I say, I WELCOME the recession, (in the Trinidad and Tobago economy). Because for a country as small as we are and for the wealth of resources that we have access to, the cost of living was simply OUT OF HAND. The rate of inflation, property values and food was just too high. It was becoming tough for a poor man to exist..... And what was alarming was that the average man no longer seemed to value the concept of saving. It was almost as though they believed that the buoyancy of the economy would last forever. So everyone was buying new vehicles and investing in million dollar properties, when we all knew that those two bedroom, townhouses, were no where near the million dollar prices range, but they were investing all the same, because the forecasters said that the boom would last at least another five years.
I would admit that I am no economist, however I knew the economy could not survive for much longer in the manner in which it was going. So when the PM made his announcement I welcomed it with open arms, because I knew things could only get better. Of course for some it will get a lot worst, but for me, right now, the recession is the best answer.
You see, I grew up during the last recession and one thing I learnt and treasure from that period is the value and importance of savings. No matter how little or small the amount, it added up to something at the end of the day. As a child, all my mother use to say was 'we living on the bread-line'.... Now to be quite honest, I heard her make that statement as recent as last year and I could not help but remark, 'this is the longest bread-line ever, when were we going to reach the top.' But we existed in the line quite comfortably and rarely had a need or want and if we did, we were quite aware that nothing came easy, so you had to wait for what really matter in life. Unfortunately, the children of today have no concept of waiting or wanting, as most of them are in the 'over-stock line'......
I am certain we have all witnessed a child bawling and screaming and sometimes even rolling on the ground as though they were just informed that their family was wiped out by Hitler and their home was taken over by the Nazi's and they had to flee Europe. And most times this show-down is as a result of their mother saying no to one of their outrageous requests. What always amazes me however with that picture, is the mother of that child always seems to be calm and collective and speaking in a very low tone, asking them to behave. Now children of my era grew up hearing only NO..... so much so that on the rare occasion that we heard yes, we became confused and would sit quietly in anticipation trying to figure out what was really taking place and whether or not it was true. We knew better than to throw a tantrum in public, as that certainly would have lead to us losing our lives or coming very close to it..... But I am extremely grateful for all of the lessons learnt growing up during that period, as it has molded me into a more appreciative adult.
I am certain that this recession will be like no other and would greatly impact on the lives of many. However, I do hope that as a result of it, we become better citizens and more appreciative of the things we have and the thing we have to wait for. Always remember the ole saying, 'Rome was not built in a day'. It might take some time for our economies to recover and even for our bank accounts to recover, but we must remember that every drop in the bucket adds up and try to view the recession in a more positive light. Yes, some of us might lose jobs and properties in the process, however recession is the mother of new innovation and creativity and with that brings new earning potential.
So during this time of recession we need to reflect and dig deep, to find the true creative being that has been over shadowed for far to long, by the routine of our daily lives. However, when we do, we must not ignore, because that creative being might just lead to us earning a fortune.
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