Usher in a new age of frugality
The dreaded “D” word is humming in the horizon. Dow is diving , banking and manufacturing in shambles, nominal job loses hits 11.3 in the US (Feb 09 data, accounting for discouraged workers) ,… drums of rescue rumbles but to no avail. We are heading to a severe period of post bubble contraction after the spectacular economic boom marked by collective greed propelled by excessive consumption. Alas, consumption is the foundation of capitalism. US led consumption spree opens up the party of faux prosperity, meantime such culture worked to undermine the long held frugality traditions of billions in India and China. Poor countries come to the party hoping to make strides in “development”, albeit at great cost to the environment. Notwithstanding, for the past decade, leaders and common folks alike congratulate themselves the unprecedented era of prosperity, celebrated the immense charity of lifting millions from poverty, that modernization is within grasp, opportunities abound and wealth wi