Wednesday, September 7, 2011

The Economy, Or Social Unrest? Where Will Our Doom Stem From?

Jeff Taylor

Will our system crash or blow up? Those seem to be the doomsayers’ questions today. The Telegraph has a story about bankers claiming that we are on the edge of a market crash to rival the Lehman Brothers saga, whilst the Guardian warns that a global market that extracts money from the poor to fill the pockets of the rich is ready to blow. They quote a ‘senior London-based bank executive’ and ‘a senior credit banker at a major European bank’ as saying that ‘it feels like 2008’ and that a major ‘market shock’ is in the offing over the next couple of months.

Larry Elliott in the Guardian says that we have reached ‘a fork in the road’ and that we need to do something about making the system more equal as the current one is ‘in deep trouble and it is waiting to blow’.
....... and the way that successive governments have allowed themselves and their citizens to become ‘debt sodden’ as a result leading to social inequality.
‘Together, the global imbalances, the manic-depressive behavior of stock markets, the venality of the financial sector, the growing gulf between rich and poor, the high levels of unemployment, the naked consumerism and the riots are telling us something.’ He says.

No comments:

Post a Comment

Everyone is encouraged to participate with civilized comments.