The human tragedy in Japan is overwhelming and truly beyond comprehension. Coupled with the ongoing nuclear plant crisis, the worst may not be over yet.
As a secondary consideration, there is also the impact on the world economy. An expert from Reuter’s provided an interesting perspective that actually provides some encouragement. The whole article is well worth the read….but there were two points that really captured my attention — countries that have a history of making good economic decisions fair better when recovering from natural disaster — Japan’s recovery from the Kobe earthquake is one of the examples given. But the cautionary note is that Japan and other countries carrying a large debt (hello us) may not be as able to absorb and recover — Japan’s debt now is much larger than at the time of the Kobe quake. Japan’s debt is 200% of it’s GDP making it the largest of industrial nations.
Natural disasters are difficult to prepare for (duh) but keeping our fiscal policy healthy goes a long way to being able to repair the bricks and mortar damage.
As far as the human toll — I am praying.