Final Word from Thursday, July 9, 2009



Reinstate the performance bonuses, lift the hiring freeze and splurge on a garden party! Hallelujah, the end of the global crisis is in sight. Or so the International Monetary Fund and other voices of authority would have us believe. Just as it was taboo before the crisis to question where the world was headed, it will now likely become taboo in the mainstream media to doubt reports about the end of the crisis. To be sure, a rebound in the global economy would be a good thing. But we shouldn't forget that whatever upswing there is will be achieved on the back of a mountain of new government debt, with little effort to make sure the borrowed money is used efficiently. When that debt falls, whether in five months or five years, it will likely be even more thunderous than it was last time. In the meantime, though, business goes on, and we can start making some cautious recovery plans.[Czech Republic IMF economic]

Glossary of difficult words

to splurge - to spend money freely or extravagantly;

upswing - an increase in strength or quantity; an upward trend;

thunderous - very powerful or intense;

last time - the last big debt crisis was the sub-prime mortgage crisis (but the crisis of government debt could perhaps be even bigger).

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