The writer of this article from Uruguay mentions the need for a ‘visionary leader’ that will institute a modern – global ‘New Deal.’ Many will surmise that the author, Sebastián Da Silva, is talking about Barack Obama. But perhaps that’s too Democratic and U.S.-centric a view.
In outlining the problem, Da Silva says among other things:
“So far, no one knows the depths of the disaster. What is clear is that in the past 30 days, the world has been losing 12 percent of its wealth every week, there is no mechanism for injecting confidence into the markets, and despite the billions that central banks have been pumping out every day, credit is nonexistent … When stock markets crumble, the riches of the world disappear in the blink of an eye … Because of all this, the world is poorer, and for the developing or Third World, the horizon has changed for the worse. The global population has to continue to eat and the stocks of food are nil. People depend on various sources of energy to live and reserves are scarce.”
Then later, outlining his hopes for what might come out of this crisis, he writes:
“We hope then that after the tremor passes, the international technocratic system, comprised of the World Bank, the IMF, the U.N., etc., will find a visionary leader who can propose a balanced way out of this – not to address the Dow Jones or the NASDAQ, but the real flesh and bone human element and all that it entails.”
EDITORIAL By Sebastián Da Silva
Translated By Liz Essary
October 10, 2008
Uruguay – El Pais – Original Article (Spanish)
Apparently, from what little we know, the causes and consequences of this mega financial crisis are very similar to those that caused the stock market crash of 1929. At the time, the post war bonanza seemed like it would never end, speculators threw a party for profit without toil, consumption went on that was far beyond reason, and to top it all off, banks gave credit left and right without the proper controls.When the alarm went off, the bubble burst into a thousand pieces, leaving in its wake the victims and a loss of wealth that led to the Great Depression of the 1930s.
The pendulum theory of history brings us back to this moment, in which many of these circumstances have been repeated. And so far, no one knows the depths of the disaster. What is clear is that in the past 30 days, the world has been losing 12 percent of its wealth every week, there is no mechanism for injecting confidence into the markets, and despite the billions that central banks have been pumping out every day, credit is nonexistent.
READ ON AT WORLDMEETS.US, along with continuing translated and English-language foreign press coverage of the U.S. election and the Unfolding financial crisis.
Founder and Managing Editor of Worldmeets.US