Some politicians are calling it a global financial crisis, others a financial cliff.
To me it looks more like an inability to manage economic and financial affairs.
Governments are too afraid to restore economic and fiscal responsibility, for fear of losing votes.
So they are taking a bit more from the caring, wealthy people all the time.
Instead of tightening up the purse, they keep giving money away to buy votes and stay in office.
This is increasing public carelessness and has an acid-like effect on private enterprise.
It may even up the living standard for a short period of time, but does nothing to stop the recession.
In the long run it is bringing the living standard to a standstill and causes the country to fall behind.