29 September, 2008

The Good and Bad Sides of America's Economic Mess

America's financial turmoil and economic mess is now spreading wide and fast across the Globe. The good side in all this is: as the US is the biggest consumer and wastes more, per capita, than any other country - less money in American hands and less spending by Americans, will affect not only America's production, but Western Europe's, Japan's, Korea's, India's and more importantly - China's. That would in turn mean - less trees and forests disappearing; less gas and oil used and hence less autos on the roads and less engines running - meaning less environmental damage; and it would mean that the World's resources will be a little less consumed.

It also means that: while all along the US has been lecturing other countries on fiscal policies and disicipline, especially African countries, America, in the last few years, has had the least disicpline and very little financial ethics, in turn leading to its worse economic mess since the Great Depression. It means too, that the American economic system once the envy of many; and exemplary and seen as a model by others worldwide, is not that perfect.

It means too, that free trade and globalization, though benefiting a very few and making them wealthier, leads only to more problems and trouble for most. Its' a very sad and unfortunate situation: worldwide, free trade and globalization has only managed to increase the suffering and misery of most; the poor and the hungry have only increased in numbers and are being pushed further down. How does one explain all this to the millions of the poor, in America or around the World?

The very few, who were considered smart and with brains, and who caused all this mess - will sail along, unscathed and comfortable. While the many ordinary Americans, will have to struggle more and give up more. And for Africa, with millions starving in Ethiopia, Somalia and other parts of the continent - America's financial strain means that the US - being the largest contributor of aid and assistance to Africa - can't help as much as it used to. And that means millions across Africa will go hungry and many will perish. One can only hope, the turmoil doesn't get worse and the US recovers soon. Preferably Barack Obama wins; may be then, the US will show a sustainable, eco friendly and greener way to the World.

Photo: FoxNews

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