The 'R' word.(STOCKWATCH)

Compared with the previous period, which saw the near collapse of the financial system worldwide, this last period has been relatively quiet. Even so, in financial circles and on the world's exchanges and markets the turmoil has continued with sharp upturns and downturns in stock values. Basically, confidence has gone, shattered to such an extent that no one trusts anyone else anymore, at least not in matters financial.

But worst of all the 'R' word has become a reality, spoken now openly even by politicians. Forget the technical definitions, everyone can see it for themselves--the recession is already here and some of the world's largest manufacturing companies are …