The Global Recession

13/02/09 Permalink

Worth a read for those who want to dig a bit deeper than what the main news tells you (bit of history of currency as well). Basically what has caused the recession is bank's lending excessive to entities (people or companies) that may not be able to pay it back. Here's a good quote from here:

The stability of a money issue is related solely to the willingness and ability of the vast majority of the community of traders to put goods or services on the market which have equal value to what they consume. The stability of an economy is a function of the commitment of traders to the rules of the system. Trust, that by and large, all members of the market will produce as much as they consume and be able to trade what they produce for what they want to consume, is the only ultimate guarantee of any money issue.

Mobile consumerism is something that will help the pull out of the recession - the market is massive - and it's right there in the consumer's hand. But it's still an emerging technology - consumer confidence with payment through their phone is no-where near the level of PC online trading - but it may well be in the near future. Mobile E-Commerce has still got some way to go but the potential is huge.

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