In the News (from The Telegraph): “Thousands of French cafes close” There is growing evidence that the French are skipping starters and coffee or simply staying at home to cope with food and fuel price hikes. Restaurant closures have soared by 25 percent from last year. Cafes and bars saw closures shoot up by 56 per cent. “The profession is increasingly working with cheaper products to avoid raising costs,” said Danièle Deleval, vice-president of France’s main restaurant and hotel industry.
My Comment: The crisis will leave people with just “the bare necessities” – whatever they need in order to live. But everyone will realize that this is “for the best.”
In the News (from The New York Times): “Laid-Off Foreigners Flee as Dubai Spirals Down” Many of the foreign workers who make up 90 percent of the population here, have been laid off and face the prospect of being forced to leave this Persian Gulf city. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.
My Comment: The paradise has been deserted. If the crisis continues, the same will happen in many other places in the world.