The United States, where some of Wall Street’s biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa – Source: Reuters.com
These are troubling times for small developing countries. We could stretch this observation to refer to all economies. The world’s largest economy has gone into a meltdown and it has taken the other major economies of the world with it. The Stock Markets have predictably reacted to the bleak outlook of the major economies by spiraling in an unprecedented manner.
Although we have not read it in the local media many Financial Analysts are debating whether the world is witnessing the demise of the free market system as we know it. The capitalists have been saying that the problem ailing the USA should have been allowed to correct itself by letting the market bear the cost. Others believe that the greed by the free marketers which was allowed to go unchecked by authorities made government intervention inevitable.
Whichever camp we belong, we know that the meltdown has precipitated a global economic crisis of immense proportion.
The BU household remains bewildered at how toxic assets purchased by the US Treasury can be packaged and sold to a revitalized financial market. Astoundingly the US Treasury expects that if their projections ring true they will be able to make a profit on this deal!
The BU family has become use to reading references to the endgame by some commenters. The video Money A Debt submitted by family member Green Monkey provides an interesting glimpse into the unbridled supply of money and how it has morphed to a burgeoning debt which the endgamers believe is the precursor to the destruction the value of money. Here is an article by Charles Eisenstein which details in riveting fashion how the world’s powerful countries have been printing new money at a rate much faster than they have been creating goods and services. The author suggests that this is an unsustainable position which has led to the frenzied response the world is currently witnessing.
The article is very long but very interesting and we urge the BU family to have a read. It is the kind of alternative world view which you will not see in the local media.
The blogmaster invites you to join the discussion.