The world has been in crisis now for 5 years. That is a year longer than World War I and a year shorter than World War II. To me, the word crisis implies a short moment of panic when something is going to happen. Indeed Jeremy Clarkson uses the word "crisis"
as a euphimism for orgasm.
According to the Oxford Online Dictionary, a crisis is the turning point of a disease when an important change takes place, indicating either recovery or death. The longer the financial crisis runs for, the more I think crisis is the wrong word to describe
whatever it is we are going through. Maybe disease is a better word.
There are children around who have known nothing other than crisis. To them, this is not unusual, it is just the way the world is.
Every so often (like now), the markets seem to relax about the crisis and seeing how cheap assets have become, buyers start to buy. Just like Incy Wincy Spider, the indices climb up towards their previous highs.
But we all know the words to the song. Sooner or later, the rain is going to come along in the form of doubts over whether this country or that country can pay its debts.
There will be another meeting of the great and the good and we will magic up some more money from somewhere. Bailout inflation has made millions passe and billions the norm. You never used to hear about trillions, but that word has started to creep into
the conversation.
And yet, the world keeps on turning. Maybe the Mars rover will come across an enormous stash of valuable minerals and we'll all be saved. Maybe Angela Merkel will agree to Eurobonds.
I'm not sure which is more far fetched.