USA

I don’t think we are anywhere near the bottom yet. Houses will continue to lose value, retirement and college funds will get smaller, many more will become unemployed. But just as America led the way to this global mess I have no doubt that America will also lead the way to worldwide recovery.

Americans will spend less and work harder. Their most fearsome thought is to bequeath a less secure, less prosperous future to their children.

The military budget will be slashed. The mythical dividends that peace paradoxically brings with crushing armed superiority will give way to massive investments in science and technology which will result in energy independence, a cleaner environment, a healthier population and a vastly more efficient financial system.

Waste will be minimized. There will be a decrease in the consumption of food, fuel, electricity, clothing and recreational activities. There will follow a national belt-tightening movement that will encourage parents to focus on making their children become more competitive in the sciences and math. There will be less attention to sports.

Tobacco and alcohol consumption will decrease, there will be less obesity. The engines of production will be on full throttle. As a result, tax revenues will soar, wasteful spending will plummet; there will be an unprecedented surge in savings accounts. Critical infrastructure investments will be made.

We had to catch a glimpse of the abyss, we needed to be jolted into reforming our ways, we had to be rudely reminded that we would only be able to get out of this together. I am certain America will rise to the challenge.