Sunday, October 12, 2008

Can I just say that it's a reversal of fortunes?

A country, ranked 10th in the world by GDP per capita is now turning to the IMF for money? Wasn't it barely a decade ago that the Asian financial crisis happened and many South-East Asian nations turned to the same fund for help?

Oh man. it's difficult to make sense of everything that is happen so fast, so furiously. even RBS, which just took over ABN, has asked to come under government protection.

What then of our jobs?

Is this the downfall of capitalism?

After watching "Maxed Out", on the consumerism culture in the US and their love for credit cards, debts, loans in order to live the American lifestyle, it makes me wonder if the actions of governments reflect the culture of its society. The amount of debt the US govt racks up is kind of synonymous to how the average American racks up credit card debts and loans. Perhaps there is a correlation. Maybe one leads to the other? Basic macroeconomics stuff here: compare the national savings level to the level of debt of the country. Better ask an economist about this.

Mrs Brightside at 8:47 pm (0) comments


To read list

Don Quijote by Miguel De Cervantes
East and West by Christ Patten
Hong Kong by Jan Morris
Le Peau de chagrin by Honoré de Balzac
1984 by George Orwell


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