Not long ago, a newscaster commented on the financial struggles facing the United States in the wake of yet another venerable financial institution failing. He said, "Just when we think we've recovered from the storm, another wave comes and knocks us off our feet."
by Rick Shabi
Many observers have compared the global financial crisis to a tsunami.
We've all heard stories about the powerful tsunami that hit Indonesia, Thailand, Sri Lanka and other areas surrounding the Indian Ocean in 2004. Hundreds of thousands of lives were lost, and the lives of the survivors were forever changed. Can you imagine thinking that everything is in order one moment, just to have a series of unexpected tidal waves hit the next, washing away life as you knew it?
One man who knew about tsunamis was on the beach in Sri Lanka that fateful morning of Dec. 26, 2004. He tells the tale of how the waves seemed calm enough, but as he watched, he could see the tide washing out further with each wave. More sea bottom was visible with each ensuing wave--much more than normal. It all looked innocent enough to the unknowing eye, but to those who know about tsunamis, this was an ominous sign of impending disaster.
He yelled for his family to run from the beach, climb and hang onto a nearby strong tree to save their lives. He was right. Within minutes, they would have been dead. Suddenly, the waves stopped receding and a towering wall of water raced toward shore, washing away unsuspecting life.
He and his children survived, because he watched. He knew the warning signs, and he took the necessary action to keep his family from certain death.
Financial tsunami
How does this relate to the current global financial turmoil?
Since the $700 billion "economic rescue" package was passed by the U.S. Congress, things haven't quite settled the way government leaders thought they would. But is there yet another "wave" coming that will knock us off our feet?
