The World Economic Crisis and its Solutions

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Greek crisis, resulting into Greece's submission to the IMF and theforthcoming social unrest is related to the Global crisis of finance both inEurope and in USA. The derivative products or gambling of variouskinds on every financial future market have accrued to the level of hundredsof trillions of dollars, unmonitored by any governmental authority.A default would hurt French and German banks in particular. The supplyside 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 forGlobalisation of production. Workers are now forced to accept a muchlower wages thus increasing inequalities. Globalisation provoked industriesof the developed countries to move to some cheaper destination,taking with them the prospects of employments. Nationalization of thebanks, including the Federal Reserve System of USA, which is a privateenterprise, will help countries to regulate the financial market for thebenefit of the economy and the people. Abolition of speculative activitiesin the secondary stock market will protect the genuine investors.Abolition of derivative market and the credit-debt swap market andtheir reinsurance, which has caused the debt crisis in Greece and otherEuropean countries to provoke them to borrow more than their ability topay, will help cool down the financial madness and help the banking sys tem to survive. A managed trading system will rule out economic exploitationof one country by another by destroying economy of one countryby another with cheap export items manufactured by slave labourersand an artificially low exchange rate, as China is doing now.

The World Economic Crisis and its Solutions

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