Wednesday, June 09, 2010

Doom lingers on

Shakira takes the world for a waka-waka ride, while European Union goes on an austerity drive.

Government jobs and salary cuts, extension of retirement age, tax hikes, tax evasion and corruption control, termination of public projects etc are some of the measures being used to curtail huge budget deficits. In other words, they are going to rub off the spending line short.

The meagre spending would certainly switch the world trade and transport into slow animation for years.

Meanwhile, perplexed by the 'paradox of thrift', uncle Sam has left it all to the fate and bait for fish like BP to bite and bail them outta recession.