Our Major Events of the Year: Global financial crisis and commitment of trillions to fight it

Author: Inga Friedelhaus Section: Major Events of the Month

Issue: December 2008, Vol.3, No. 11

Tags: Financial crisis

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Global Problems

In the sprit of Hollywood remake of the 1930 Great Depression, but magnified by the negative effects of globalization, absolute irresponsibility of leading financial institutions and the ‘laissez-affaire’ attitudes of investors and market regulators and their unfounded absolute belief in the ability of a capitalist economy for self-regulation and preservation of market forces equilibrium, today’s world found itself at the epicenter of the worst economic meltdowns in human history. The crisis has already put several countries on the brink of bankruptcies, while trillions, injected into jolting the global economy back to life, have so far proved fruitless. This means a bleaker future ahead.