Be Not Afraid

After offering readers a brief rundown of the global causes of the present crisis, Macario Schettino sounds an optimistic note in confronting it:

The crisis means that American consumers have to pay for their excesses, and they must do so now consuming less than before. The problem for the world is that these excesses represent 5 percent of world production. Overall, then, the world will have to contract by that proportion in the coming months. That's all, but that's a lot.

If you don't lose your job, the crisis doesn't exist for you. Don't doubt the reality, and don't worry in vain.

On a somewhat related topic, this crisis has made much clearer than ever before what FDR was talking about in his first inaugural address.