The democracy of language, as promulgated in 1943...............
"During this present year about five thousand new words will come into out language. Intense and dramatic times such as these are always prolific in breeding new words. The scholars won't mint or invent these new words. They will just pop up. The scholars will have nothing whatsoever to say about how they shall be pronounced or spelled, or what they shall mean. They will be pronounced and spelled and defined pretty much as the public pleases. If you were to ask the editor of the Funk & Wagnalls New Standard Dictionary or of Webster's or the Oxford or any other, 'Who decides about these new words?' this editor would answer, 'You do,' meaning, of course, the many millions of 'you' who use our language."
-as excerpted from 30 Days To A More Powerful Vocabulary, by Dr. Wilfred Funk and Norman Lewis
It might make an good contest, figuring out the most fun, or interesting, new words from the past few years. Without much study, my first nominee would be "omnishambles.....a situation which is seen as shambolic from all possible perspectives." You can read up on the Oxford English Dictionary Word of the Year for 2012, including ways to include it in your daily conversation, here.