Global financial crisis – an explanation
The past few months have been both tragic and interesting as the global financial crisis unfolds. I’ve read countless articles on the topic, contemplated countless predictions and been shocked by the magnitude of the casualties.
I don’t think anyone realised what the global effect of this crisis would be, and we still have a long way to go. There will be many more casualities to come, not just corporations but entire economies.
The only good thing about the global financial crisis is that people have woken up to the fact that unfettered capitalism does not work. Capitalism has it’s benefits, but without goverment oversight and intervention, it leads to disaster. As it has over and over again.
At least this crisis will lead to some much needed changes.
Out of all the articles I have read, 2 of them were more interesting and informative than the rest. I would like to share these articles with you. The first is an article by George Monbiot (one of my favourite writers) who writes for the Guardian in the UK. In responding to people’s rightful objections to having their tax money used to pay for corporate malfeasance, he shows how it has been happening for years. We just didn’t know about it.
The other is an article written by Walden Bello and is a very succinct, balanced and simple explanation of what is a very complex scenario. After reading this short article, I had a much clearer understanding of what happened and why.
I hope you find these articles as interesting as I did and I look forward to your comments.