The problem is that in order for adsense to be better, there have to be advertisers using adwords. No adwords inventory (or a lower inventory) = lower price for keywords. It's a simply supply and demand. Great time to advertise since keywords are nice and cheap!
i think that it would be worse but it is better to build up those back links so that when the ecnomomy has recovered. you will earn more.
I think you are right but main problem will be faced by USA people . In india Inr currency conversion rate will be increase if so happened and we may remain stable because if bid prices goes down than other hand INR conversion rates are also going high .
To be honest I don't really think that the current recession will affect Adsense earnings in 2009, as at the end of the day all money that goes to publishers (after the Big G takes its cut) is paid for by the advertisers. However, it could be a possibility that advertisers will lower their budgets, but that has nothing to do with economic stability..
We have to accept the fact. It's not only on online business but the damage is widespread. It's time to put more effort and work harder.
Whether times are good or bad, learning is progress. Just keep improving your knowledge and you will see results when the good times comes.