Apparantly the developing world is also feeling the global financial crisis.
Now, the aftershocks are shaking the developing world. Countries from Ukraine in to in need urgent financial attention. Helping them requires a global effort.
Lower export demand is being blamed here, and already the IMF is helping some countries with large loans. The Dollar and Yen are increasing in value as people fear severe drops in the value of their own currencies. Individual countries are also trying to make money available for investors.
I am not sure that the time has come for optimism, though hopeful stories are beginning to be published. The problem for me is that this optimism is based solely on the availability of the money. Until people become more confident in the market, no one will take the risk of borrowing, no matter how low interest rates go. Maybe these stories are coming out to do exactly that–give people a little more confidence that things are turning around and spending is perfectly safe.