We have been hearing of an economic crisis and that too globally. The effect, which started from USA, is felt in most of the countries. Shares have been tumbling, production figures have started declining and it is being said that the crisis is worst than the depression of 1930.
All the above I have been reading in newspapers and got a little information from the debates that I have been watching on the TV. I am no financial expert. And I do not regret it, because all these financial institutions that have gone bust, the super powerful country – weren’t all of them advised by the best brains from the best institutes of the world. And they could not forewarn or take measures to avoid this mess, then I feel I am in no way inferior to them.
In India, we have been repeatedly told by our parents and grand parents to spend only if you have the money in your pocket; avoid taking loans unless you are sure you have the means to repay; when you go to a shop to buy something think once again if you could do without this purchase; playing in the share market is nothing but gambling etc. etc..
They were no economic wizards – it was very simple to them. They felt that if a loan is not repaid it is bad for one’s prestige; if one spends beyond his means one day he will loose everything.
In most of our literature, even in children stories such preaching’s have been given often, from centuries. And still, we messed up.
It is time that we realize the values of these simple advises. This will slow down the economy but at least it will not create an economic crisis of this magnitude.
We must realize that making a fast buck in the share market or in real estate is all short term, that too very personal. We should also realize that this is making us lethargic. If we will start making money doing nothing, but investing and gambling, who will go for production of machinery, equipments, health related services and so on.
We still can do it. We can still make this world a better place to live in.
