In the last year I have lived in three countries: Russia, Ireland and the U.S, and I thought I'd offer some insight on how this crisis is effecting people abroad versus in the United States.

Russia:

While things are getting cheaper in the western hemisphere, in Russia everything including real estate continues growing more expensive. Due to the remnants of the communist system, the government has no right to evict people from their primary residence without providing an alternative place to live. As a result, more people that get "foreclosed" on continue living in their house, and property auctions are virtually non-existent. The number of renters is rather small, since during the communist times housing was assigned to people, and now they continue owning it. As a result of this, property values have continued escalating, even though the stock market experienced a crash.

Prices at the store for everything except bread and milk are rather high, and the only way that people can afford it, despite the average salary being around $600 is because costs in other areas of life are low or non-existent. The country has free medicare, free education, an affordable and well developed system of public transportation and, unfortunately, low prices for utilities such as water, gas and heat.

Since fuel prices have dropped many of the newly unemployed are trying to work as cab drivers. A lot of women are migrating from the countryside to work as nannies in the city. Though most people still have their dachas (cheap country homes with land for growing fruits and vegetables,) the country is heavily centralized and much of the farmland is now desolate.

There is some awareness about the matter of Peak Oil, but after two World Wars, the Fall of the USSR, and the 1998 crisis, it is perceived as just another thing to be dealt with.

Ireland:

In Ireland, virtually no one perceives the possibility of hyper-inflation, since the country can't just go ahead and turn on the Euro printing presses. Everyone here is talking about default. Many Transistion Towns have popped up, and people are starting to create local currencies. There is also talk about food collectives and purchasing wind, hydro and wood-chip generators to become self-reliant in the future.

People think that when Ireland defaults, everyone will get to keep their current residence, though not without reevaluating its current market price in whatever the currency would be.

There is hope that the social services, like free schools and medicare, will stay, though unemployment benefits and pensions could be cut.

Since Ireland has a reasonably well developed system of public transportation, a strong sense of community and potential to be self-sufficient in food, the biggest concern here is immigration from other countries when things get bad, as well as unemployment.


Over all, I'd say that it is the U.S. that faces the most danger. Yet I also believe that if all the right decisions are made, it is the people in the U.S. that could find the most advantages.

Where's the writeup of your view of US?

Thank you for your input on Russia and Ireland. I'm hoping that others will respond from other countries.

I too am very concerned about how the US will handle the crisis considering many people (mostly middleclass) do not have health care insurance and our mass transit system is very disconnected and in most places non-existant.

I was hoping that people in this forum will give their views of the US and other countries. My personal opinion is that there are two greatest assets the United States has. One is land and the other one is freedom for innovation/ speech and information.
I can see a best-case scenario where there is a well-developed network of magnetic trains, everything gets properly recycled and democracy goes hand in hand with providing the citizens all the information necessary (through the main stream media) to make the right decisions.
I think that the biggest threat here is not hyper-inflation or lack of transportation, but that people will be seen as corporations first and human beings only second.
I am happy to see the strong sense of community that is emerging in some towns in the United States. I hope that this crisis will bring people together and help create a sustainable way of life, free medicare, colleges people can afford without great levels of debt, a banking system that is not based on debt. Truly this is but the beginning.
The fear is of course, is that the powers that be will not be willing to give up on their monopolies, and that instead of a community there will be civil unrest or war.

FloridaGirl, your comment is much appreciated.