I hope things get better soon

It appears that our economic crisis and the bailout plan are in front and center across the global stage.

Last week, my brother, who is an accountant in Australia, instant-messaged me, and soon after the hello shifted to questions like “are more people losing jobs?” and “how much will Uncle Sam spend?”

It is not new to me anymore that my parents and siblings are like most of the world when it comes to how closely they follow major developments here in the United States. Of course, over the past decade, America has been in the news a lot, either by its own doing or otherwise.

It seems like more often than not events here tend to worry my parents. When I called them soon after the catastrophic events of September 11th, my parents sounded as sad and distraught as any American was on that fateful day—perhaps even more than the average American. And then dad suggested that I shave my beard and not go out anywhere—just in case some crazy people took out their frustrations on me.

And when the internet-economy bubble burst, dad suggested that I find a job in Singapore or Australia because their economies were booming, and because teaching in a university paid a lot more in those countries than here in America. My brother was confident: “now that you are an American citizen, you can earn more than double what others would get paid here.” There was a silver lining in that dark cloud: American citizenship commanded a significant economic premium!

Now, my parents and my brother are following the news about our economic crises, more so because the metaphorical tsunami waves are beginning to show up in their countries too. I asked my brother how things were in Australia and his response was, “ok, so far.” While Australia seems to be managing well for now, neighboring New Zealand has officially become the first country in the Asia-Pacific region to enter into a recession, with Japan and Singapore as most likely to follow suit. Credit is tightening in India, but it helps the retired folks like my parents because they are able to get higher interest rates now for their deposits.

My sister, who is keen on her daughter coming to the US for a doctorate in computer science, is concerned about the slowdown for completely different reasons: my niece has a fabulous offer to work in India for an American firm and might, therefore, be tempted to forego higher studies in America.

What is fantastic in all this familial feedback about the American economy is that there is only a feeling of “I hope things get better soon.” No feeling of schadenfreude—the German expression that describes the pleasure people enjoy in the misfortune suffered by others. Even the major newspapers in India seem to only express concern and worries about the crisis and how it is handled, and rare are commentaries that delight in our misfortunes.

A contrast to such a background was the recent comment from the finance minister of Germany, Peer Steinbrück, who lived up to the geographic origin of the phrase schadenfreude. In his remarks to the Bundestag—the German parliament—the finance minister proclaimed that America would soon be finished as an economic superpower, and that the US should show more humility.

At least in the public sphere, the likes of the German finance minister are in the minority. On the other hand, it appears that there is still enough punch in that old saying that when America sneezes, the rest of the world catches a cold.

We are a long way from being finished as an economic superpower. However, that possibility always remains. After all, the superpowers of yesteryears—from the Roman Empire to Spain and the UK—are economic laggards now. For a few brief years in the 1980s, Japan seemed poised to challenge us, and now we feel China’s speed.

I am hoping, and a tad confident as well, that this, too, shall pass. Then, my dad will not worry about my economic future. And, more importantly, German politicians will give up their schadenfreude!