Financial Crisis Debate

Published on Countercurrent, by different contributors, during spring 2009.

The financial meltdown has hit every corner of the earth and the indications are that it is only going to get worse. With no clear signs of recovery in the near future the world is headed into an unknown. The recent international labour organisation report has predicted a frightening scenario. 51 million more people could lose their jobs by the end of 2009. That means 51 millions families are going to lose their livelihoods. For those who manage to keep a job, earnings and other conditions of employment will deteriorate. Will things end there? Indications are that it will not. It is not the time to panic or beat our chest. Instead we have to put our collective heads together and look for solutions. Countercurrents has decided to initiate a debate and give a platform for writers to express their views , opinions and solutions , how best we can tide over these difficult times or at least, how best we can cope with and help each other in this dire situation.

We have initiated this debate with an excellent article by Abdul Basit “Global Financial Crises And Hugo Chavez”. Although he does not give any easy solution to the economic crisis, he gives some valuable suggestions to get over it. He suggests that the world need to study closely the Bolivarian revolutionary model successfully implemented by Chavez in Venezuela, especially the subsidized food distribution network. This is particularly important in the face of severe food shortage and social break down that is likely to follow the financial meltdown. We welcome you all to join this debate by sending in your thoughts to the editor.

Follow some articles send in by readers of Countercurrents … from 02 February 2009 …

… to latest: Human Need And The Economy, by James Keye of Dissident Voices, April 14, 2009):

Human economies have no separate existence; they are not some universal latent design waiting for the human substrate to be displayed. We ask the wrong questions with: “What is wrong with the economy and how can we fix it?” Our first efforts must be to understand the origin of how we have come to exchange materials and behaviors, and then to ask: “Is this how we want to do our exchanges and what are the consequences?” It may seem a monumental task to retool the present way of assigning value and doing exchanges, but the current depth of troubles are pointing more and more directly to the conclusion that our present economic structures have run their course and are placing us, and the earth’s living systems, in the greatest peril … (full text).

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