by Mehdi Rezaie
Dear friends and readers, I write this op-ed today primarily for those who are closely following the global economic, financial and political developments in the midst of an ongoing crisis of the world economy. We are standing at the crossroads of the deepest and the most far-reaching crisis that the human civilization has witnessed. In the developed countries of the west, the vast financial system that underpins the global economy is at the precipice of a worldwide systemic collapse that, upon unfolding, will take under the western economies and whatever left of a welfare state and middle class in the developed world. As many economists and experts warn, the standard of living of the people in the developed countries particularly the U.S. and other heavily indebted economies is set to sharply deteriorate over the next one decade.