Those of us born in western Europe or the US have never really experienced hard times. Our parents and grandparents lived through world wars and the Great Depression. We have had decades of peace and prosperity.
Could that change? Perhaps Generation L has just had the luxury of an extended “holiday from history”, which is now coming to an end.
There is no doubt that people are panicking. The flow of dire corporate news is so relentless that Boris Johnson, the mayor of London, has complained that: “Spending an hour with the FT is like being trapped in a room with assorted members of a millennialist suicide cult.” A CNN poll found that almost 60 per cent of Americans expect the current recession to turn into a depression.
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