Its all doom & gloom!!

The incompetent Clinton and Dubya administrations, unregulated banksters and Wall St criminals, greedy CEOs, and a no-think economics profession have destroyed America’s economy…….. writes Paul Craig Roberts in this article here.

When globalization was the buzz word, many of us viewed it with some amount of skepticism, while some  poked fun at us saying that it is bound to happen. Integrating yourself with the rest of the world is bound to happen, they said and I would say, our friends who took pleasure in poking fun at us never thought of the extent of this integration. Some of these fun pokers might be quite flummoxed now, seeing the after effects of the present global economic downturn.

So what did this hallowed “opening up” give us? Yes, it did gives an opportunity to take a dig at those “license raj” times our fathers and forefathers lived through. Instead of Nutramul, many of our peers started drinking Nestle products, instead of Goldspot and Limca we got glitzy Coke and Pepsi to quench our thirsts. For a while, let us forget that these companies bought over these products which were available in India, shunned it from the market for a while and brought them back with bang in to the midst of us. The integration did not stop there, we were awarded a slew of Miss World’s and Miss Universe’s and now ,adverts of  cosmetic products have even found a place on our railway tickets . After all railway traveling junta really needs a clean up than the ones who zip through the sky. The list goes on and on and it was party time for the fun pokers and they really did pull up their sleeves and carried out the job with aplomb. The skeptics quivered!

The “opening up” has indeed brought about changes and many who were privileged enough did make most out of it; where as, a whole lot was left behind. But it has really taken us to a point where, some people orchestrate a massive bungle and we are at the receiving end of it. If you have not understood anything about the current financial melt down, then hear this. Some unregulated bankers, Wall Street criminals, fraudsters planned a massive rip off and they are no cheap criminals. These criminals are those who hold great abbreviations like CEO against their names bungled a whole lot off money by securitising a lot of loans and mortgages and started skimming profits from the top. They were given billions of Dollars as bonuses for skimming these profits. Everyone seemed to be happy as long as the securitisation bubble lasted, it propelled the speculation sky high.  At the height of speculation the oil prices shot up, inflation touched their maximum limits and we poor fellas grabbed books about peak oil and contemplated over it. Behind our backs CEO’s and directors who earned billions of dollars orchestrated a massive rip off and i slept off reading about an oil devoid world.

Fun pokers still poked fun – the markets are bound correct and re-adjust themselves. Yeah, you got it right. They will ,but how? It seems this speculative credit will contract up to 30 or 40 %, and will push us to a “great” depression. I dont really want to think of all these doom and gloom and rightfully i will also be tormented if such a situation arises. But who are responsible for this? Why is not anyone pointing fingers towards anyone who orchestrated this rip off? A few thousand people orchestrated this bungle and if they are allowed to sneak out without a punishment, wont they perform this over and over again?

This time around there is a right “Bakra” up there and it is Barak Obama and how true is Mike Whitney when he writes :

That means that credit will probably contract by 30 to 40 percent putting us on the path to another Great Depression. Unless the government takes preventative action to get money into the hands of consumers and restore confidence, the nation will face (what David Brooks called) “grueling scarcity” and widespread panic. That’s probably why all the voting machines and exit polls finally matched up with the election results in the 2008 presidential balloting for the first time in 8 years; because the ruling elites know that they need a popular executive to put in front of the cameras when they try to calm the crowds and keep the country from disintegrating into anarchy. It also explains the nervous smiles on the faces of the money-lenders and graybeards assembled on the stage behind Obama at his first press conference. The American establishment is placing all its hopes for economic survival on the narrow shoulders of their newest posterboy, Barack Hussein Obama.

Integration, one world and global village are nice concepts, if things are fair and square but unfortunately they are not and that is where it goes completely wrong. We all living at another end of this round globe called earth are now equally vulnerable as the hapless middle class Americans who are at the end of this organized rip-off staged by some crooks. The weirdest part of this whole commotion is that nobody seems to be guilty and no one is convicted for organizing such a rip off. The mess created by some handful of wealthy morons eventually is apportioned as the problem of the government and the tax paying people. As long as they go unpunished, these wealthy morons will go on ripping us off from our jobs, easy credit and what not.

7 lakhs workers who are involved in the textiles and garment industry have lost their jobs. Aviation and other sectors are planning for more job cuts, IT and related services have stopped further hiring ,says our NASSCOM, it is just a way of masquerading the reality with soothing words to avoid panic. Many of the fun pokers have had a good enough ride along the crest of this almost illusionary growth bubble . Now it all seems to be getting back to where it was, just that we have more credit card holders, more number of mobile phones and some glitzy gadgetry. Some have not yet stopped poking fun, while they belt out their theories of how guarded our banks are against the global credit crunch and so on.

The fun poking community is surely flummoxed this time around.