The firm's management promised millions of dollars in guaranteed packages to about 100 of its partners, which left it unable to cope with the downturn in revenues during the recession.

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Hong Kong has had tor revise its traditionally orthodox government spending policies in order to cope with the effects of the recession.

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However there was some relief for the Royal Mail, and other employers, recently from the pensions regulator which last week published new guidance on how companies could cope with increased pension deficits during the recession.

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This week, I spent some time in Racine, Wisconsin, talking with folks who are doing their best to cope with the aftermath of a brutal recession.

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So when the Fed is on an easing course, driving both short-term and long-term rates lower to cope with a balance sheet driven recession, the safe thing for investors to do is to buy bonds, stocks, and commodities, as they tend to move higher with lower interest rates as has been the case in the aftermath of the subprime crisis.

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The conventional wisdom, nonetheless, is that the world economy could just about cope with stagnation or a shallow recession in Europe.

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The government is already trying to cope with a sinking currency, rising inflation and a severe recession.

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