The world is holding its breath. How bad is it going to be? How are we going to be impacted? In Aus the message so far has been "there is no need to panic, we are in a very strong position, our financial institutions are stable... (but by the way, we are not immune)."
As I write in some meeting room in Canberra there is a crisis meeting involving our leaders looking at where to now. Tomorrow there will be carefully made announcements that attempt to allay fears while appearing to be taking action regarding the situation...without creating panic. (I'm glad I'm not a politician)
Again I am reminded of how blessed I am in my life. The 'biggest' impact this crisis may have over the next little while is on my pitiful amount of superannuation. And seeing as though retirement is a long way off and I'll probably have to work till I'm dead anyway, I won't let it worry me.
I'm lucky, millions of others will not have the luxury of being an observer. People will continue to lose their homes, unemployment will rise and life will get really tough. Countries dealing with their domestic issues in response will have an impact on countries around them. For example, it is suspected that one of the things that will be announced after this crisis meeting is a reduction in the number of migrants being accepted into Australia over the next little while in order to deal with the predicted rise in unemployment.
An article that I read earlier today by Paul Rogers, The Financial Crisis and Sustainable Security examines what some of the possible implications might be for the world's poor. He also suggests that this could be an appropriate to time to reflect on the way things are done in terms of global economic structure and perhaps introduce some reforms. I suspect, as Rogers acknowledges also, that countries will be focusing on domestic issues, short terms responses and damage control rather than looking at the big picture and figuring out if there's a better way to do things to provide a sustainable future for all of the worlds citizens.