Whilst the media have been quick to focus on the lives lost in the conflicts in Iraq and Afghanistan, surprisingly little has been mentioned about the potential impact that the economic crisis will have on susceptible populations throughout the world; notably, the impact on global starvation. Around the world, many nations have been dependent upon foreign aid due to crop failure and problems with national infrastructure; problems which in many cases still reflect aftershocks from industrial revolution era colonisation. The situation in the horn of Africa is rapidly deteriorating; UN secretary general Ban Ki-moon has just asked donor nations to supply an additional $1.6 billion dollars in aid funding, but from who? So what happens when the givers no longer have money to give? How many westernised nations are now in danger of defaulting on their own debts? If entire countries are struggling to stave off a domino run of national bankruptcies then how can the required levels of international aid be maintained? And what happens if a country was to face a crisis during this time of global economic uncertainty? E.g. Somalia: a failed state according to the UN, which is now facing severe food crisis following years of drought and crop failure? The UN has failed them, the west can’t afford to help them, and millions face death by starvation.
And a large part of why only limited aid will be forthcoming is due to the greed and incompetence of global bankers and a flawed economic system. The entire stock market system is based on speculation, which is in essence, calculated gambling. So those with money play with the lives and livelihoods of those without in a game of calculated greed and wealth generation. Even more shaming is the fact that not only is the incompetence of global bankers and stock markets responsible for the economic meltdown, but now banks and financial institutions appear to have resumed the irresponsible practices and behaviours responsible for precipitating this collapse in the first place seemingly oblivious to the suffering their behaviours will cause. So while banking practices and bankers bonuses remain as inflated as ever, the cost of reparation is borne by the bulk of the population who neither benefitted from the years of plenty nor have the reserves to withstand the increased financial burden they now find themselves faced with. And in the UK at least, the public find themselves led by a weak and cowardly government intent on denial which steadfastly refuses to impose austerity measures with equanimity.
And a large part of why only limited aid will be forthcoming is due to the greed and incompetence of global bankers and a flawed economic system. The entire stock market system is based on speculation, which is in essence, calculated gambling. So those with money play with the lives and livelihoods of those without in a game of calculated greed and wealth generation. Even more shaming is the fact that not only is the incompetence of global bankers and stock markets responsible for the economic meltdown, but now banks and financial institutions appear to have resumed the irresponsible practices and behaviours responsible for precipitating this collapse in the first place seemingly oblivious to the suffering their behaviours will cause. So while banking practices and bankers bonuses remain as inflated as ever, the cost of reparation is borne by the bulk of the population who neither benefitted from the years of plenty nor have the reserves to withstand the increased financial burden they now find themselves faced with. And in the UK at least, the public find themselves led by a weak and cowardly government intent on denial which steadfastly refuses to impose austerity measures with equanimity.
So how long until the global bubble truly collapses? If the rich western European nations are barely staving off economic default, how can unstable failed states weather the tough times, and how many lives will be lost as a result of the incompetent and pure greed based behaviour of global bankers? Far more I predict, than will be lost from global conflict. Crimes against humanity indeed; high time the bankers face accountability for their actions I say!
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