Over the past year, the world economy has shifted gears, going from robust growth to one of economic turmoil. Prospersous countries like Iceland suddenly faced bankruptcy. Companies that were instituions for decades, literally lost tens of billions of market value overnight and some went out of business. Currently, many other big companies are seeking government help in order to survive.
During a 2-3 week period, the average person saw their savings evaporate by 30-50%. Phrases like “financial crisis” now populate the news on a nightly basis.
On the front page of today’s Wall Street Journal, an article details the challenges that Sheldon Adelson, who is Chairman of the Sands Corp faces. Over the past year the value of his ownership stake (70%) in the company has fallen from $36.4 billion in October 2007 to about $1.3 billion now. Even when the very wealthy have financial problems, it can be a cause of concern among the general populous.
As these events take place, it can be quite depressing. But at the same time, life still goes on. The growing population of the world has a long list of basic unmet needs – from healthcare, to energy, to education. People are still shoping, going to the doctor, and meeting up with friends. Many businesses although they could be a bit busier, are doing just fine. We need to keep perspective that we haven’t lost everything.
When there are problems, there are enormous opportunities to set new priorities that can make a world’s worth of difference.
