i made some statements which i did not explain. for example about mild recession. i was thinking about it not because nobody is suffering but because i was reminded by mr Sachs how painful was transition from autarcic to market economy in some countries in the end of the last century (including Yugoslavia).
Much water has flown since then. Now the West after disastrous Bush presidencies (and many missed opportunities during Clinton era) is much weaker. Many countries like China, Russia, India, Brazil and even Thailand were better prepared to withstand global recession. They are propping up smaller regimes around their perifery for example supporting their budgets and currencies. Kyrgyzstan is clear example in this regard.
That's why all does not seem so bad unlike 1980's or 1990's which were very bad almost everywhere (perhaps except China which however experienced political and ethnic turmoil at the time).
