Global recession

Many people are worried that there will be a global recession. For people with savings, a global recession may be all right. With a recession, prices will come down. People will work less, as there is reduced demand. They can spend the time with the family or take a holiday.

For people without savings, it may be difficult. The lesson here - do keep some spare savings for a future emergency. Do not over-stretch and spend all of your earnings. Do not borrow on your future earnings.

I hope that, in the future, the global economy can come out with a new model. People do not need to work for long hours. They can work less and enjoy their leisure time. There is no need to produce more and more goods, which are not really needed.

Why should people change their mobile phones every one or two years, or upgrade their personal computers frequently? Why should they change their cars within a few years? These are wasteful.