We have felt this coming for years - this economic crisis - but I don't think that any of us really knew what it would look like or just what to do when it came. As I sit on the sidelines, having conversation after conversation with people about what this all means, I am struck by several things....
1. fear is infecting everything - what does this mean for our future?
2. this is an opportunity...
3. have we done all that we could do be move forward toward a market transformation
Yesterday a colleague interviewed me about how I felt that this economic crisis was affecting the nonprofit sector, my organization and my tenants. When I dug into it, fear and risk aversion were the greatest impacts...
CSI has avoided taking a risk on a new staff position as we were uncertain whether the revenues would be there to support this position. We have hired less expensive staff as a short-term solution. We have moved into a 'consolidation' phase of our work - focusing on doing what we do better - ideally positioning ourselves to be able to jump when the right opportunity presents itself.
We haven't lost any tenants due to the financial markets as far as I am aware. Our small resilience tenants seem to be as nimble as ever - adding value in the world, adapting and succeeding. Of all of the organizations that I know, only 1 person has lost a job, and it was likely out of a sense of risk aversion on the part of the employer that he was let go.
But we can feel the fear! It is everywhere in the air, but nowhere that we can see on the ground. The media is talking about how the sector is being affecting and I am sure that it is true to some degree, but you have to wonder if we aren't just creating this fear - that fear begets fear? Where will this fear lead us?
This leads me to the opportunity! Yes, the markets are crumbling - actually it is no surprise to me that this is happened... with George Bush in power for 8 years and market gluttony for even longer, we are further out of touch with the means of production than ever before....
And out of the ashes rises the phoenix??? with every crisis or obstacle, there are opportunities. We are facing a massive financial infusion into infrastructure.... this could be great. This could be the investment that the world needs to put in place the infrastructure of tomorrow - green jobs, renewable energy, social housing, recreation centres in low income neighbourhoods, investment in social enterprise, community economic development and so much more.
As the old crumbles, the new will rise, but what will the phoenix look like? Will it be a propping up of old broken industries or will it be a giant leap frog into the future?
Are we doing everything that we can to leverage a market transformation? We are hearing about lots of good ideas, but are the politicians and decision-makers hearing these ideas? This is our opportunity to create the world that we know we want - a world where we live in better harmony between people and the planet. A world where people have meaningful employment, where the market thrives and nobody goes hungry.
I am so hopeful about the vision of the world that balances the economy with social success, environment and culture. But are we really doing all that we can to build the connections and to leverage the market transformation? I am seeing so many interest groups digging in behind their own positions and not building the connections... this can't be a time of petty trade-offs, it needs to be a fundamental shift in how we imagine the world. Are we ready? Are they hearing us?
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