Dismal unemployment figures for the Eurozone, at 11.7 percent.
Not so good for Spain either, with 26.8 percent unemployed.
India the growth figure has slowed to 5.4 percent.
What is to become of the world?
U.S. Secretary of State Hillary Clinton observes, in the context of what has obviously worked in America, that Europe could do with growth instead of austerity.
Mme Christine Lagarde of the International Monetary Fund has been suggesting just as much.
Growth instead of austerity seems the right recipe, so that all people the world over can return to working and growing and producing and trading and getting the whole circus of life moving at a more purposeful pace.
Easy enough to say, but difficult to implement. Nevertheless, the recipes seem pretty clear :-
- The Eurozone governments to slow down the budget cutsnot make them so steep or so fast;
- Spain to seek the bailout and pump it into their economy, to create growth instead of the miserable state it is in; it is obviously an economy with great promise of growth;
- India with all the hard-working people obviously needs to reduce the Reserve Bank rate from eight percent downwards, perhaps to six percent or so. The lesson of the 2008 G.E.S. should not be lost.
In a world full of consumers, normal growth and international trade needs to be encouraged. People have to stop worrying about future generations, and instead do what people need today and now.
Common sense suggests that the worldwide economic Recovery has every chance of continuing if the government policies are tweaked in line with the realities.