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It sounds like a line straight out of a comic book but the outcome of this weeks G20 summit will have a very real impact on us all. Gorge Soros, one of the worlds most powerful investors, has referred to the G20 summit as a "make or break" event for the world’s economy and that it might be the last chance to prevent a full-scale depression.
This isn’t just a greedy billionaire looking out for his own interests though as he talks about the developing world being the worst hit and therefore in need of the most help. He suggests that the previous economic system needs to be scrapped and the financial system reconstructed from its foundations up. Strong words, but what can the one day G20 summit achieve?
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You certainly don’t wanna be startin’ somethin’ right now as the world plunges head first into a global recession, but Michael Jackson has done just that by announcing his return to the stage 12 years after his last series of concerts. There may be rumours that the King of Pop has had financial difficulties but tickets for the extended series of 50 shows sold out in record time.
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I love the fact that this recession has led to the media creating a whole new vocabulary so that they can sensationalise economic news. If there was a prize on offer for newcomer of the year it would surely go to ‘credit crunch’ which is now so widely used, it’s hard to imagine a time when it did not exist.
But by personal favourite right now has to be ‘homedulgence’ which can be used to describe the growing trend for consumers looking for cheaper ways to maintain the good life they have become accustomed by switching to home-based indulgences, such as cocktail parties and lavish dinners (recently cited by MarketingWeek).
So do you think you are partaking in more homedulgence during this recession? There is certainly evidence to suggest people are as sales of takeaways are soaring with Dominos Pizza announcing a 25% increase in sales over the last couple of months.
Not content with officially going into recession last week, the UK has gone one better this week and shut up shop altogether as a bit of snow has brought the UK to a grinding halt. Southern England had the worst snow it has seen for 18 years, causing all London buses to be pulled from service on Monday and repeatedly closing the runways at Heathrow Airport.
An estimated 20% of the UK workforce took Monday as a ‘snow day’ and in some parts of the country the whole week has been a complete write off. The Federation of Small Businesses has put the cost to the UK economy at £1.2bn a day which it can ill afford given the current state of the economy. The snow has however distracted the media from reporting the gloom and doom of the economy, with the news of another historic cut in interest rates reduced to a mere tag line at the end of the news bulletins.
As the snow begins to thaw, could this also coincide with the start of an economic recovery?
I’m sure it came as no surprise to anyone last week to discover that the UK is now officially in recession. More surprising however is Gordon Brown’s claims that he has been warning for the past 10 years that the international financial markets needed to be more strongly regulated to prevent such an economic crisis. Apparently he learnt this pearl of wisdom during the crisis in the Asian markets during the 1990s and went on record in a speech he delivered in Harvard ten years ago.
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