If you have even the slightest interest in living in the manner to which you have become accustomed, can I recommend you find 5 hours to watch these three videos of 12 economists talking what is happening in the US financial system and its dealings with the rest of the world?
I am just a lowly psychologist so I try to boil down economics to actionable rules of thumbs that we can use. When you are done, I’d be interested in your take of mine.
1. Find your growth story . . . and stick to it!
Find an industry that you enjoy, find the bit that is growing, and grow with it, wherever it takes you.
2. Help you kids find their growth story
Invest in the things they love to do and take them on holiday to parts of the world where growth is happening.
Think abut a good trip to Brazil, Russia, China or India once in three years, rather than a time-wasting, resource-frittering holiday every year.
And if they have any inclination for languages, help them by doing their homework with them. It may help when you talk to you grand-children who might be living in another country!
And may be include Arabic on you list of possibles. Bang on the door of the mosque in your neighbourhood and ask them to include your children in their after-school activities?
3. Remember that money is losing value as much as houses are losing value
Unless you have a lot of it hanging around, this is a good news story for you. Investors will want to invest in your growth story.
Don’t be desperate for their money. You have something as rare as hens’ teeth.
Bring in investors who believe in your story as strongly as they believe in returns on their capital.
And then write a tight contract for them! This is a borrower’s market, whatever the mass media tells you.
4. Learn the numbers and ask your MP and business leaders hard questions
The more we show that we know the numbers, the quicker they will get down and dirty with them too.
Let them watch 5 hours of videos on economic more often than we do. That’s their job, after all. Let’s get our money’s worth!
5. Vote with your ballot and your feet for people and firms with growth stories
Question the panic about government borrowing.
It may be different here in the UK – I wish we had a forum like these 12 economists here. Common sense tells us, though, that we will only get out of our mess with a plan – a plan for getting out and moving along with growth stories in Brazil Russia India and China.
We don’t have to eat and drink ourselves silly to keep up. But starving ourselves and living in sack cloth won’t make us any richer either.
Government borrowing is only a problem when don’t have a plan to make businesses better over the next 5, 10, 20 years.
We want a growth story! Can we start a fashion? What will happen if we ask everyone you meet, what is your growth story!