[quote=“Mother Theresa”]My wife’s been complaining about my salary lately. Not me. I’m happy to have a (good) job and will gladly stay put as long as this takes.
[/quote]
Show your wife this blog: Above the Law. Some of my friends who thought that Law school would set them up with a well paying job are freaking out right now. No summer internships, no jobs after graduation, etc etc. That’s painful when you have close to 100k in law school loans.
[quote] Rise in Jobless Poses Threat to Stability Worldwide
. . . Just last week, the new United States director of national intelligence, Dennis C. Blair, told Congress that instability caused by the global economic crisis had become the biggest security threat facing the United States, outpacing terrorism.
“Nearly everybody has been caught by surprise at the speed in which unemployment is increasing, and are groping for a response,” said Nicolas Véron, a fellow at Bruegel, a research center in Brussels that focuses on Europe’s role in the global economy.
In emerging economies like those in Eastern Europe, there are fears that growing joblessness might encourage a move away from free-market, pro-Western policies, while in developed countries unemployment could bolster efforts to protect local industries at the expense of global trade. . .
“This is the worst we’ve had since 1929,” said Laurent Wauquiez, France’s employment minister. “The thing that is new is that it is global, and we are always talking about that. It is in every country, and it makes the whole difference.”
. . . Millions of migrant workers in mainland China are searching for jobs but finding that factories are shutting down[/quote]
nytimes.com/2009/02/15/busin … ml?_r=1&hp[/quote]
Not to contradict the reputable Nicolas Véron, but has he read either “Lexus and the Olive Tree” or “The World Is Flat” by Thomas Friedman? Friedman talks about how quickly capital moves around the world now and how painfully it can bite. He focused on the 1997 Asian Financial Crisis, and as an example Indonesia. There he points out how badly Indonesia was mauled in 1997 but then in a few years had investors flocking back to it. The velocity, due to the ease of moving money around, has accelerated capitalism instead of slowing it down. As Friedman put it “the highs will be higher and the lows will be lower, and there will be less time between the two”.