The results are in and its official, people are absolutely paranoid about the state of the world economy.
From the lowest ranks of the proletariat to the highest echelons of oligarchy, people are worried and with with substantial reason. Ever since the financial downturn in 2007/2008 which resulted in the on going recession people have become increasing vigilant of their assets, how they spend, how they invest and with whom they bank. As we all know this entire thing was caused by people who have come to be known as “banksters” or Wall Street bullies who prey upon the weak and misinformed.
The collapse of Lehman Brothers; an American staple in the definition of prosperity and others like them such as Washington Mutual Bank, Colonial Bank and countless others brought about a deep distrust in the minds of Americans and the world regarding the banking elite.
As a result of this ongoing distrust and consumer thrift and speculation the world economy is still struggling to get back on its feet which economist predicting another economic recession greater in force that what we saw in 2008. Not exactly good news I know, but we have to look ahead with optimism.
In Jamaica, where I live no banks collapse thanks to government regulations which put in play following the collapse of the Jamaican banking industry in the 1990’s. What I can deduce from this is simply this, if we as humans beings as smart as we are can cast greed and profit maximizing obsessions behind us for a minute we can create policies geared towards protecting the civilian interest.
Its not only governments but also the everyday men and women who constitute the pillars of society; they need to be aware of the derivatives, sub-prime loans, bonds and assets being traded around them and how it will affect their lives. It is only through this wide spread understanding that we can possibly stop this financial calamity from happening again.
In seeing actions being taken globally via the internet, I see hope for our future. You the reader should be hopeful for the future as well because until the private sector, governments and the public can trust or at least value each others presence once again, we never get out of this mess.