Last week was one of the worst on record for the financial markets. The US government's £380billion plan to bail out its economy failed, and share prices dropped around the world.

In the UK, the government nationalised the ailing former building society Bradford and Bingley. Further financial institution rescues have been mooted and there's much speculation about which high-profile casualty will be next. Around the world, governments are taking action to rescue their banks.

The term 'credit crunch' has become a ubiquitous term over the past few months, but how meaningful is it?

Rising food costs and falling house prices are the more commonly documented aspects of the crunch, but there have been some possibly less expected side effects: for example, sales of turnips have rocketed, tearooms have soared in popularity and parents are more likely to encourage their children to walk to school, due to increased fuel prices.

So this week, we ask you:

• Do you feel as if your standard of living has dropped over the past twelve months? If so, in what ways?

• What do you think the main factors behind the current economic situation are?

• Can governments have much sway over national economic conditions in a global financial community?

• Have you changed any major life decisions based on changing economic conditions?

• Is boom and bust inevitable in our economic system? If so, how can its effects be lessened?

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  Do you remember previous economic crises? If so, how does this one compare? Do you think things will get back to 'normal' and when?

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  Can you see any benefits arising from the current situation? For example, do you think people might become less wasteful?