The lies we tell (My views on the global recession)

The financial meltdown that tipped to a boiling point when the housing market in the United States collapsed, has given rise to a whole new way of shopping.

Retail stores, restaurants, large scale corporations, automobiles.......to name a few are part of the industry wide recession that has resulted in a rollback of spending on behalf of consumers. In an article by the North Bay Journal, restaurant owners in particular have noted an up to 50% drop in revenue from last year.

Now many of us have possibly been feeling the squeeze as well. For those who live, or have family who live in toronto, there will be a 4% rise in property tax in the coming year. It is no doubt that graduating students are now considering further education at a record high to avoid the job hunt crunch now that companies are laying off employees in the thousands. However, with all of these implications, most of them I feel represent the greater good for society, particularly north american society, and the fall of consumerism.

Perhaps we can blame the media, or we can blame movies, but ultimately, the housing crisis that spun the recession out of control, was a direct result of people decieving themselves. People were buying homes from banks, and banks were so willing to take money, that they began to offer mortgages with almost $0 down. People were living out dreams and forgot about reality, watching television and being envious of the rich and affluent. They fell into the trap, that money was the solution, and were compensating for themselves through this belief and consumerism.

That lie had to end somewhere, and when these banks were unable to retrieve any of the money for these homes that they had sold, the system began to collapse because there wasn't enough capital to continue this rapid consumption, this onus on debt. It has shaken the very foundation of capitalism to a world audience and finally reminded people of their abusive ungrateful lifestyles. While we are afforded almost anything that a rational person would desire, people experience incredible hardships of an unfathomable magnitude. Thus our only way to appease this desire is to consume more, and soon enough it consumes ourselves.

The recession represents a shift in philosophy, that consuming is not the means to our happiness. When you consider that in 1995, Canada's ecological footprint was 4.3 in comparison to the world average of 1.8, you begin to see the bigger picture of global disparity.

Before we used to live in a society of wants, and now many of us are mainly concerned about our needs.The needs of the average person in most parts of the world are not only oppressed, but undermined, and it's about time we make a change.

Check my post tomorrow as I will lay out 10 everyday things you can do to limit your spending, and remain debt free!