Tuesday, 16 September 2008

Economic crisis! Really?

Global markets are a mess with stock prices plummeting like it is the end of the world. To some people it will be the end of the world. It is largely because the average person invests his or her retirement savings in the stock market. But what is annoying is that once again the world pays for American stupidity. Stupid banks lend with no security whatsoever and are going bankrupt all over the place and the government is using tax payers' money to bail them out. And as a consequence the markets crashing around the globe.

I blame the World Bank and the International Monetary Fund. They are the chief of all money launderers out there. I am of the opinion that the WB set the precedence for what is happening world over and most importantly in America. The institution, contrary to its name is all American. Who knew that the world's most indebted country is the United States of America. I wonder how they get away with it, while third world countries auction public estate to pay off their loans. This is part of the so called debt-relief plans offered to most countries, so eventually American corporate idiots will own half the world.

It is going to be interesting, yet depressing to watch how the crisis turns out. The last global recession was followed by a World War. Here's hoping that is not how it turns out this time. I only hope Obama, who acknowledges the plight of the economy comes to power and works to turn things around, in fact he has to, or he will remembered as the President who took the country to damnation. Because another World War will not be so kind to America. The rest of the world is ready to take on the super power of yesterday.


Jack Point said...

The world bank and the IMF had nothing to do with the crisis.

The fault lies:
1. With the US Fed for running too loose a monetary policy
2. With regulatory failure.

If you want to understand further read this:


I got this from a blogger who claims to have played a part in this


The Dork said...

Thank you for your comment and the link, it is very informative. I understand that it is the federal government and regulatory failure that is responsible for the crisis. But the fact that this could turn into a global crisis has a lot to do with structural adjustment policies implemented by the WB and the IMF, who have been heavily influenced by and continue to respond to the needs of the US. It is these two institutions that have forced the rest of the world to their current plight and forced third world nations to lend to the US. It is not as simple as I have stated in my post, but nevertheless these institutions have a covert role to play.
Why does China auction state property to pay off its debts to the WB, while the US continues to avoid paying its loans back?