Global financial crisis
It all started with the oil prices going through the roof having a massive impact on economies around the world. Countries found themselves grappling with it. Then came the inevitable- global warming, affecting every aspect of life and becoming more and more menacing. Erratic and fierce storms and hurricanes wrecking towns and cities struck with unbelievable ferocity, never seen before. Forest fires ravaged and destroyed wide swathe of forests and natural habitats. As we were taking stock of the situation came the breaking news of global food crisis, the price hike, food shortage world over, not even the USA was spared, empty godowns, food riots, famine, starvation and malnutrition. We also learned about crops cultivated for bio-fuel as an alternative to oil and used to run cars and machines aggravating the food crisis. Global warming caused unprecedented floods, storms and natural disasters. The frightening situation was absorbed slowly as we came across more earth shaking news.
Then came the disastrous news of global financial meltdown. The USA came first with the news of banks and financial institutions going bankrupt. There was news before the crisis but this was the ultimate apocalypse and the domino effect like waves went through rich and powerful countries of the world. They came down one after the other. From the United States to Europe came the news of bankruptcies, stocks tumbling, companies losing billions even Asia was severely hit by the financial crisis. Trading closed down to avoid panic selling. Today we live in constant anxiety and uncertainty as news keep trickling in of the new countries affected by the global financial crisis.
Unemployment is growing in most industrialised countries. Job losses are taking on phenomenal magnitude. Nobody knows when it is going to end; some experts are even talking of recession worse than the 30s'. We thought it wouldn't get so bad with experts and think tanks around, who seemingly have all the answers with solutions and smart ideas to check the situation from going out of control. Everyone thought they would rein in the cart-wheeling economies.
What a mess this has become. One of the economists has summed up in the scariest term by saying that we haven't seen anything yet. I really hope he is wrong and we will overcome.
How do we explain the meltdown, the food crisis and the weather behaving in this erratic manner? Mankind has become very greedy, materialistic and violent.
There is frenzied rush for wealth and good life. People are being deprived of their lands, livelihoods, and security. Free market economy seems to be the bane of the problem. Markets have to be monitored and controlled or it can become a Frankenstein like the one we see today. Massive corruption has brought down the economies of rich countries to this point. We have reached economic, food and environmental dead-end. Corruption, incompetence and greed have been the nemesis of today's developed societies. Despite all these, I hope we will be able to stop the rot, realise our mistakes and set things back on the track.
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