Saturday, April 19, 2008

The end is not nigh - that's a relief!

The Dominion Post had reassuring words in its editorial yesterday for anyone who thought that our consumer culture was in serious trouble. Apparently, anyone who made any such suggestion was a "doom and gloom merchant" - a "wailing Cassandra" - who had somehow failed to notice how resilient the economy had been in the past. All we have to do, the editorial says, is "hold [our] nerve", even as we acknowledge that the economy's "golden run" is over. After pointing out that New Zealand "weathered the Asian Crisis that erupted in mid-1997 without foundering", the editorial says "there is no reason to suppose it cannot do the same when it comes to the American credit crunch of 2008".

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