Let’s take a multi disciplinary view of the Global Financial and Economic Crisis…It’s Scary
Economics,Sociology,Politics,Sciences,Geography,History,Religon…take any Discipline and you’ll find how Earth and it’s over six billion citizens are being impacted tragically
I’m scared…for all of us…..I fear the next generation,my children, will have to pay too for the excesses of our generation and the previous ones
We have no say in Natural Disasters…but what about Manmade tragedies ?….. We are already witnessing the lethal dangers of Terrorism,Global Warming,Religious Bigotry,Pollution and Toxicity,Inequalities and Financial and Economic Earthquakes….the Scales are much larger than any in the past even than the Depression of 1929
So who do we Blame for all of this ?….Man’s greed to Create Wealth at Any Cost ? Capitalism ? Deregulation ?
If you target Capitalism,the Fingers point clearly at USA and England…’The Economist’ in it’s latest edition has a cover story titled ‘Capitalism at Bay’….It goes on to defend Capitalism warning that if the Confidence and Credit continue to dry up,a near-certain recession will become a depression,a calamity for everybody.
So if we believe in ‘Freedom at any Cost’,should we write of this financial and economic crisis as the ‘Cost of Freedom’ ?
Why should we agree to bailout well paid and well rewarded employees of Morgan instead of the Hundreds of Thousands of Hard Working Employees in General Motors ? USA is asking this question
The fact is that if you actually take the pain to study USA’s Capitalism History,you will find the excesses in their system that have caused calamities every few decades
In a Nutshell USA has always been a spendthrift nation,opting to fund needs through printing more and more dollars,rather than reduce Government grants or raise Taxes.It had the cushion of Gold Reserves to do so…no longer as Value of Dollar Notes in World Circulation far outstrips the Gold Reserves.As of September 30,2008,The US Government disclosed that the Deficit is US $ 455 Billion…it will rise dramatically as bail-out amounts are added.
The US $ is going to be Tissue Paper…It’s simply propped up because Oil Trade is yet in Dollars and US is bullying the world to keep it so…It took action overtly and covertly against those who tried non dollar Oil trade…Saddam Hussein in Iraq,Chavez in Venezuela… and is now threatening Iran who plans to open a Non Dollar Oil Trading Exchange….The moment Oil Trade begins in Non US Dollar Currency,Countries will realise that they do not need to stockpile US Dollars to buy Oil…they will swamp the market with US Dollars…USA’s only prowess now is military and it may use it to protect the US $…It’s already printed more Dollars than the value of Gold it had stockpiled against supply of arms and ammunition from Countries who participated in the World Wars initially…USA is a consumption based economy and not a Savings one like Asian Giants…USA spends US $ 107 for every US $ 100 it earns !…Ask the Fed Governor and even he will tell you he does not know the quantity of US $ Currency circulating or M3 in the World