ShiYaleng Scouts the World

El ected Leaders don't lead, they are to be led! As the financial debacle unravels, the alleged rescue plans penned out by elected officials are morphine- nizing , morally corrupt and carry long term damages. Not to be fooled by tantalizing economic theories the economists themselves are not convinced, to create prosperity by propping up economic collapse caused by debt with more debt is at odds with common sense. Instead of borrowing from the future, why can't anyone have the courage to say the plain truth: - Globalization leverages political economic advantages of nations to the maximum. It brings about great disparity. Shocked working class in the developed countries suddenly found themselves uncompetitive. Happily, politicians sooth the paradox by allowing the mirage of borrowed wealth enabled by Wall Street's inflationary magic of the housing bubble. Gradual de -regulation of the financial regime was politically motivated. The mass intoxicate in the virtual riches. Fr

The long awaited meltdown of the global financial market is unfolding in front of our eyes following implosion of the US housing market. Wall Street crumbles, Main Street will follow soon; now that America sneezes, the whole world will catch cold, even influenza! Can wise men who rein the central banks be the Saviors? Maybe, up to an extent. Yet history points to much gloomier reality when menacing trends defy human design and attack where it hurts most. But, cause and effect are inherent couples. David Roche, a London based economist, estimates that banks and non-deposit taking financial institutions (NDFIs, such as investment bank Goldman Sach before its recent status change) will suffer a combined loss of about $1.3 trillion. Between them, there should be a 50% spilt. Up to mid September, NDFIs acknowledged only $250 billion while banks booked $510 billion, a brave face behind probable deceit and denial. Roche further estimates about half of the NDFI losses are lodged with European

Wealth beyond a point is illusionary; and worse, the mirage of wealth is deadly. Now there is this mess created by frantic consumerism, by obsessive instant gratification, by sheer greed! Of late, few people in the developed world do not spend beyond their means. Thanks to globalization, cheap wealth comes from intense exploitation. Both human and natural resources have been gutted to the last drop, and the environment devastated along the way. It is said India and China, along with hoards of others have risen. All sang praise to capitalism’s unintended miracle. Now, the sand castle is vanishing. How many can safely run for cover? Let’s not allow illusion that intoxicated many to turn into misery that will hurt tens of billions – had the world financial system crumbled to ashes as a result, and a great depression ensued. The debt of over spending must be paid, and the retreat be orderly. The financial system must not be allowed to unravel. The root of the problem is house value. It was