The World Economic Crisis and its Solutions

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Greek crisis, resulting into Greece's submission to the IMF and the forthcoming social unrest is related to the Global crisis of finance both in Europe and in USA. The derivative products or gambling of various kinds on every financial future market have accrued to the level of hundreds of trillions of dollars, unmonitored by any governmental authority. A default would hurt French and German banks in particular. The supply side economics has failed completely; it is just a theoretical proposition, unsupported by the real world. Since 1991 principles of deregulation, de-unionisation, de-industrialisation have expanded the scope for Globalisation of production. Workers are now forced to accept a much lower wages thus increasing inequalities. Globalisation provoked industries of the developed countries to move to some cheaper destination, taking with them the prospects of employments. Nationalization of the banks, including the Federal Reserve System of USA, which is a private enterprise, will help countries to regulate the financial market for the benefit of the economy and the people. Abolition of speculative activities in the secondary stock market will protect the genuine investors. Abolition of derivative market and the credit-debt swap market and their reinsurance, which has caused the debt crisis in Greece and other European countries to provoke them to borrow more than their ability to pay, will help cool down the financial madness and help the banking sys tem to survive. A managed trading system will rule out economic exploitation of one country by another by destroying economy of one country by another with cheap export items manufactured by slave labourers and an artificially low exchange rate, as China is doing now.

The World Economic Crisis and its Solutions

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