Time is of the essence, to avert a double dip. The industrial production in India has slid from 8.8% down to 3.3%. If rich countries cannot afford oil at $85 a barrel, how can countries like India, or Kenya, or Greece?
Oil helps drive everything, in every economy. Therefore, oil price stability is the most important. Currently it is too high, and if there is furthre slowdown, there will be less demand and the price by itself will have to head down, very much down.
If people can't borrow at reasonable rates, they cannot operate businesses profitably, employ people or create wealth. And money has to be readily available at the banks, to finance businesses and thereby the local and national economies. Here I am referring to US and Europe as well.
I hope the business and political leaders can communicate, by e-mail and Video-conferencing, and sort out a plan
to propel the economies forward and avert a double dip. Now is the time for action to implement policies that will be favourable to economic expansion and growth.