The gifts will continue, no doubt, but at a greatly-reduced scale.

In Laura Ingalls Wilder's books, she writes about a childhood Christmas where she got a single stick of peppermint candy, an orange, and a ragdoll made by her mother out of fabric and yarn scraps. She was thrilled. Hard to imagine going back to a world where an orange is a special Christmas treat rather than everyday fare, but it could happen.

CNN has regular segment where people can send in their financial questions. Usually they run the gamut - where should I invest my money, what kind of car loan should I get, how much life insurance do I need, etc. There was a definite note of panic in today's offerings.

The first question was from a man who said he had all his money in FDIC insured savings accounts, and was worried about whether the FDIC guarantee was good. (Answer: yes. If it's not, you'll have a lot more to worry about than your savings accounts.) There was another question from a guy who wondered he should sign up with one of those places that fix your credit. He said he wasn't sleeping at night, worrying about money. (Answer: no, those are scams. Go to a legitimate credit counselor instead.) Another man said he declared bankruptcy in 2003, but was recently wiped out again by the mortgage crisis, and wondered if he could declare bankruptcy again. (Answer: depends on what kind of bankruptcy, but probably not.) And lastly, there was a guy who wanted to know if it was smart to buy foreclosed property as an investment. (Yes, as long as you're careful about details like previous liens and current occupants.)

Personally, I have greatly scaled down gift-buying for all occasions, including Christmas. When I do give gifts, it's usually something small, that I made. Cookies, bread, perhaps a handmade catnip mouse for a friend who is a cat-lover. Most of my friends and family have welcomed the idea of not exchanging gifts.

With my family, I've told my parents that in lieu of gifts, we should save our money and go on vacations together. (I know, not very green, but we live on opposite sides of the country, and don't get to see each other often.) Being parents, they still buy stuff for me, but it's a lot less these days, and I'm glad. For my sister, I usually donate money to one of her causes (she's active politically and environmentally). This year, she's bought a house (yes, I tried to warn her). So I gave her a book on permaculture...and a check, with the suggestion she cash it and keep it in the Bank of Serta.