Global IssuesBANKS DO NOT LEARN THE LESSONS OF HISTORY
A neutron bomb is falling on the rich countries. It destroys the people while leaving the infrastructure standing. Nowadays, the main infrastructure of the North is not companies, highways or agriculture: it’s finance. In the US, it is already being said that this is the lost decade. Hopefully it will only be a single decade, writes Roberto Savio, founder and president emeritus of the news agency Inter Press Service (IPS).
A neutron bomb is falling on the rich countries. It destroys the people while leaving the infrastructure standing. Nowadays, the main infrastructure of the North is not companies, highways or agriculture: it’s finance. In the US, it is already being said that this is the lost decade. Hopefully it will only be a single decade, writes Roberto Savio, founder and president emeritus of the news agency Inter Press Service (IPS).
In fact, there is not one day going by now without devastating news of the eternal tug-of-war between finance and states. Now we are informed that the Greek government, in order to continue receiving useless subsidies (since it won’t solve its problems) will lay off another 30,000 employees. It is difficult to understand how a country that is suffering a critical contraction of its consumption will be able to exit a cruel downward spiral that will cause serious social deficits, without solving its fiscal deficit. However, the banks are not willing to eliminate any of their bad practices that have caused the current crisis.
(*) Roberto Savio, founder and emeritus president of the news agency Inter Press Service (IPS)
© Inter Press Service (2011) — All Rights ReservedOriginal source: Inter Press Service