There are spiritual blessings awaiting those who manage to shed their attachments to wealth and material goods, but will we ever see a time when shopaholics, posers and flash Harrys are referred to rehab in much the same way as any other addict? The credit boom which financed a generation of spending has finally come to a halt, but will our values change now that we see designer labels are not the holy grail of contentment and happiness? As the price of secondhand four by fours come tumbling down and people develop a conscience about their environment, there is an opportunity for spiritual leaders around the world to come together and preach the mantra of self restraint.
This is not what the politicians want to hear.
Even as economists seek solutions to the threat of another bursting bubble, politicians are praying for one to help get us out of debt and back to GDP double digits.
Unfortunately we are caught in a vicious trap.
If we learn to be sensible with our money and hold back on purchases we risk a double dip recession; but if we go out and spend spend spend, we fuel inflation and another credit bubble.
The free market has run out of ideas.
So what is the solution? A change of mindset is required.
The fact is it is no longer cool to be rich.
Being rich means accumulating more goods than you need to live and thereby depriving someone else who has less than they need.
Once this fundamental imbalance is understood then we can at last begin to feel guilty about our possessions and not give a hoot about economic growth.
The real threat facing the world is not another recession, but the widening gap between those who have and those who haven´t, because that is an infringement of people´s rights.
There are those who happily pay thousands for one outfit while others struggle to clothe themselves at all.
There are those who spend thousands on a night out, while others struggle to put food on the table.
And what this recession has shown, is that it is not the fault of the poor if they are poor.
It is the cold, calculated machinations of the rich which ensure that they continually reap the rewards at everyone else´s expense.
That´s not cool.
The mantra of self restraint is a tried and trusted religious formula.
By making do with less, ensuring everyone gets their fair share, a spiritual contentment spreads through the community which leads to the gradual prospering of all and not just a few.
For some people, prosperity is a good meal, new clothes, a simple car for transport.
This is all we need.
Beyond that, only greed and covetousness rule.
Not cool at all!