US/Global Economy heading for a recession

As most of you are already aware and know that US is getting closer to a economic recession. What does it really mean to people here and the entire world?

Weaker US dollar: This is already a known fact especially for people in UK and many parts of Europe. It costs almost 2 dollars for 1 GBP now. Dollar will weaken even more and this will take few years for the USD to bounce back. The exporters from US are very happy because US products are cheap now in Europe. Imports coming from Europe will be next to nothing though China has a huge advantage like it has been for the last 10 years. Indian companies are not getting lucrative software deals but it is still a booming market for off shore.
Housing market: - This is the best market to go buy a house though if you can do not buy any property till economy stabilizes.
Job: Hiring and raises – Sluggish economy is going to make companies hire less and give less raises. This is just the nature of the beast and we all have to live with it one way or another. Mantra is save more, spend less.

With that being said, what is next?

There is lot of optimism in this land, more than ever. Capitalistic countries like US offers shrewd cut throat investors opportunity to buy companies when the market is down. It is a dog eat dog world. Lot of capital rich countries like India, China and some parts of Europe will have investors trying to gobble up companies here left right and center. This in turn will create jobs and will create an economic growth cycle. Adapt to the new ways of the capitalists coming in and work closely and aggressively to improve and sustain the growth. This country is a country of immigrants for the last 230 years. Every decade there is a new wave of immigrants come to this country, along with them comes the fresh ideas and culture to redefine. An auto company cannot call themselves a US based company if they do not have manufacturing facility in Mexico, their financial back office operations in Malaysia, their IT infrastructure has servers relaying nightly works tasks to Maraimalainagar Indian resources and the CAD/manufacturing operations in China.

Being American is being global anymore, we got to say buy global than buy American because Americanism and globalism are synonymous from the very second the Berlin wall was torn! Finally – be smart, hold on to the job and follow the mantra (spend less, save more and make more where you can).

Free Fax to any number in the US/Canada

The service through FaxZero is very good if you do not mind an advertisement in your cover page. There is also a paid service through the website, they call it the premium fax.

ING Direct - A Great Online Bank.

I opened an account with ING Direct couple of months back and have been extremely satisfied with their service. This is the first bank in the US I can say, I can reach any state/any city and as long as I can find a target, there is an ATM that I can withdraw cash without paying the extra fees. Also, their interest rates are pretty good - currently* at 4.10%.

They have operations in UK and in Australia where I have family. I will make sure I will post about the experiences, my family have once they send me more information on it.

My personal resolution is to Save more in 2008 and I wish the same for everyone of you.


* As of 01/01/2008, as you know interest rates change.

Wikinomics - Good Read

I read the Wikinomics - How mass collaboration changes everything recently and it was an awesome book. I am preparing my book review by chapter and shall post it soon in this blog. This book to me was like Part 2 of "World is Flat" by Thomas L. Freidman. Although, two books have a differing take on Open Source and Mass Collaboration, I thoroughly enjoyed the authors examples and some candid suggestions.


I give this book a definite 5 star!!