sexta-feira, 30 de janeiro de 2009

It is the end of the world as we know it

The severe downturn most countries have faced for the past few months is the worst crisis of capitalism, at least since Great Depression. As the nationalisation of the banking system takes place in virtually the entire Western industrialised world, the greed-is-good mantra of the free-market capitulates.

Neither governments nor the average citizens are aware of how to tackle the financial and economic issues properly, especially in countries in which the downturn is supposed to deepen in 2009.

One may claim that the President-Elect Barack Obama, the first African American who ascended to the White House, will be able to cope with some of the current financial and economic problems. Nevertheless, no changes will come without pressure for them. Aside from the fact that Obama has no previous administrative experience, which may indicate lack of proper knowledge on how to manage to, at least, bail the American economy out of the crisis, created by itself.

Undoubtedly, if one hah such expertise in order to technically predict what near future will be like, we could expect capitalism to thrive once again, sooner or later. Unfortunately, there is no expert willing to take a chance. Once and for all, "it is the end of the world as we know it".

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