From mates who are working there and also recruiter pals over there in London.

I've heard the market is doing a shakeout of dead wood. Good people are still getting contracts. There is 15% rate cut but that'll bounce back soon enough.

Having done some research into economic trends for 2008, I think the world is in for a very tough time.

Multiple sources have confirmed that the period of September-October 2008 represents a tipping point that will cause massive bankruptcies in both the public and private sector.

See Global Systemic Crisis 2008

Also Google BOGNONBR

The same thing has already happened in Northern California, the epicentre for IT (Silicon Valley et al). So many people have placed their trust in funds and other financial investments, only to watch house stocks fall and housing prices go up without a matching increase in wages. As a result, we are seeing vital professions such as teachers and nurses leaving the big cities around the world because they can't afford to live there on their average salaries. Add that to the outsourcing fad that executives are immersing themselves in now days, and you can get an idea of how there are many elements, and not just one, that are making times harder for everyone. As a junior IT contractor in San Francisco, I found it difficult to get a foot up because of the increased competition from overseas and the cost of living (in safe areas!). I've decided to come back to Australia and study accounting, since that seems to be a safer option... and i get my weekends back :).

> I've decided to come back to Australia and study accounting..

Finally, somebody with half a brain.

At last, a global shakeout. All the rotten apples will fall out of the tree.

This is a different industry to the one i'm working in. In the finance sector it's mainly traders that are being affected, not IT people.

I'll be the last apple down from the tree. And i'll land on Great Leopards head and he will go "WHODAT?".

Another conspiracy site cyber? Is there one that you are not a subscriber of?

Yes things are tough at the moment. Shares and property have taken a hit (though most people are saying it was the correction to an overpriced "bubble") Certain Western countries are undergoing negetive growth. But its not all doom and gloom. The economies of India and China are going great guns. People with money in the banks are making 8% pa returns. Australia still has pretty much full employment. Things always rebound (even the great depression)

In times of trouble, the best thing to do is to skill up so you can take advantage of the rebound when it ultimately happens. I wouldn't go accountancy though..compared to IT, the salary sucks, not to mention the work and people are pretty boring. (And they make you work weekends around the end of the Financial Year). Better off in Finance or Marketing.

When India other hands economical big gun continues. Certain one mates as wind blow, worlds turn, sun + moon goes rise and gloomy continue complain.

Great Leopard

Brownie also with winds. Leopard to sleep calms when apples rot falls from tree. No worry mates.

Why would anyone step backwards and go to Acroydian London to work in IT when they can go to places like Hawaii, California, Texas, NY, Florida...., even Monaco. There is plenty more innovative work in the USA and Europe.

Britain's great to visit but if your an Australian, your going to have to pay for the $un.