How bad did your RRSP’s get hit in this latest accounting debacle involving WorldCom? Even if you don’t have any US or foreign exposure, the TSE dropping nearly 100 points yesterday will do some serious damage to your retirement thoughts.
What it means for me is that the high-tech, IT job market will get saturated with experienced workers, just when I’m starting to apply for jobs (just this week!). Some 17,000 workers are getting laid off by WorldCom. That really bites for me. But perhaps I’m a “lucky” one. I’m young, energetic, not tied with a family to support, etc., etc.
It’s bad for the WorldCom employees, it’s bad for many people involved.
“I’m telling you, there are guys who want to jump out of windows,” a mercantile trader said. “The only reason nobody’s jumping is that the windows don’t open any more.”
Remember the video Turbulences, economist Jim Stanford talking about the “paper economy”? Well, here (in PDF) is a provocative article he writes in today’s Globe and Mail.
So how many of you think: the anti-globalization movement does not get it? Also in the Globe and Mail, there is a short article here (in PDF) in the Report in Business section. Do you think that anti-globalization policies – ie. protectionism is a dead-end policy?
I’d hate to be called a Luddite, I endorse “internationalization”, basically globalization, but not at such unfettered paces making mincemeat of folks like employees at WorldCom or at the Kader toy factory.
Who in their reasonable mind wants people to be sacrificed, mincemeat fashion to support their SUV habits? Perhaps more importantly to us, which disciples of Christ can allow it by our inaction?
Doh… Sorry the web links for the articles weren’t working.. Now they’re fixed.
dan