The US markets have dropped 400+ points upon opening today; this has been an obvious turn of events. The main catalyst for this looming global recession is of course the US housing market and the accrued debt (from minimal government regulation) which has been exchanged and sold by US banks; metaphorically speaking in the context of scale, imagine standing upon a glassier that’s going into hyper de-freeze and you can understand the repercussion effects. Unfettered self regulating markets really are a nursery rhyme fiction of an idealistically blinded neo-liberal right; alas, this really has been the policy pursued in both the US and the UK post Reagan and Thatcher eras, and its coming home to roost.
My heart felt condolences goes out to those low income families in both the USA and the UK (and indeed many other places around the world), who were unfairly induced by the undue influence of the private financial lending sectors into entering unfair agreements which swallowed up six, seven, eight times your annual combined incomes over the next thirty five+ years of your working lives; therefore transferring the bulk of risk to those who really are the most vulnerable amongst us (indentured young mothers and fathers of the new century). Poverty! Life chances! Diminishing expectations as ratio of deprivation…generation upon generation, it’s a familiar pattern but not a pretty one.
The alternative could be a responsible form of government which intervenes to the benefit of its people who in turn empower the political apparatus of a nation state on the mandate of Universal suffrage, the Vote. Please excuse me for making radical suggestions, but it seems to me that human history has been flawed and confounded. How much we have been concerned in western democracies with the problem of containing political corruption through the separation of the apparatus of the nation state into the distinct executive, legislative and judicial powers, we have totally neglected in turn the real threat which has bypassed “our” nation states, economic corruption.
All intelligent life on earth has a moral responsibility to get the fu*k out of its ivory tower and start cracking the whip. This could be a good starting point …
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