With the world financial markets heading into scary territory, everyone is wondering what's coming next. Recession? Total economic meltdown? Speculation is running wild, and prophecies of doom and gloom are a dime a dozen.

A morsel of sanity comes from David A. Rosenberg, the North American Economist for Merrill Lynch. Instead of some horrible economic apocalypse, he forecasts a near future of frugality, where people concentrate on paying off their debts, and live a simpler life.

Rosenberg explains:

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