Waiting upon global economy
Photo: AFP
Since beginning of this century the global economy has been passing through a very hard time. Huge fiscal deficit, downgrading of sovereign debt, bank's credit etc. are some of the major factors contributing to making this situation. USA and some leading EU nations are primarily responsible for the mess. However, my point of contention is not this phenomenon isolated from the very fundamental cause. The vital question is how interwoven global financial system of trade and transaction ends up with such a grim fate leading to virtual collapse of almost all leading economies of the world! This shows some serious weakness of dysfunction inherent within the system itself. Statistics reveal that the system, over decades, widened further divide between the rich and the poor, made rich richer and poor poorer, relentlessly multiplied number of poor men and women, brought about unemployment, hunger, disease, death, homelessness, disparity, conflict, environmental disaster and so on and so forth all around the world. Therefore, logically speaking, unless there is a paradigm shift, existing global financial system, whether some economies at some point come up with good showing, offers no sustained hope to overwhelming majority of the world population.
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