Tsunami of anger over financial crisis

September 25, 2008

bush.jpg Today’s European edition of the International Herald Tribune is fronted by a photo montage of the presidents of Senegal, Afghanistan, Bolivia, Argentina, France and Brazil.

They have two things in common – all are attending this week’s United Nations General Assembly in New York and all see a global threat from the financial crisis that began on Wall Street and, in the words of President Gloria Macapagal Arroyo of the Philippines, has moved “like a terrible tsunami around the globe”.

Some of the strongest words were directed at Washington lawmakers, Wall Street speculators and market regulators.

French President Nicolas Sarkozy has called for those responsible for the crisis to be punished. Chancellor Angela Merkel of Germany has said to the United States and Britain: “I told you so”.

Her finance minister, Peer Steinbrueck, believes the United States has lost its financial superpower status.

Bolivia’s President Evo Morales has been quoted as saying: “There is an uprising against an economic model, a capitalistic system that is the worst enemy of humanity.”

How does this fit with Secretary of State Condoleezza Rice’s assurance that the world still has confidence in the United States?

Who needs to adjust their lenses?


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I’ve been saying this for years – the world economy seems to be fuelled by the greed of those in charge – Is it not time to stop this fat cat culture?

Posted by carol haydon | Report as abusive

I have been saying this for years – we are a greed driven world

Posted by carol haydon | Report as abusive


I agree in part with the opinions of these foreign leaders but, at the same time, some of them also allowed this problem to develop by following the economic ‘recommendations’ and practices of US Financial Institutions and economic legislations.

I think we are at a verge of the disappearance of the capitalism promoted by the US and will have to enter, by force, a more moderate and socialistic version of it. The US is destined to lose its hegemonic position as financial leader and the turmoil on the news this week should not surprise anybody, this reality has been forging for some decades now, and Wall Street’s failure this week is just the tip of the iceberg.

One disappointing aspect I see from current politicians and even the current presidential contenders in the US on this issue is the failure to recognize that market laws should not impose over a basic well-being of societies at large, not just local but globally, as the uncontrolled accumulation of wealth in a few hands does not translate to redistribution to society.

Lucio Gayosso

Posted by Lucio Gayosso | Report as abusive

Well might McCain rush back to Washington to fix the American finance system-after all, he’s one of the ones who broke it through deregulation. He’s also the fellow who told the world a week ago that the American economy was fine. On one hand, American voters can choose a man with a doctorate in law who graduated from an eminent university magnum cum laude, on the other hand, a man who was in the bottom 1% of his class. Doesn’t it seem that the current challenges call for the most intelligent leadership?

Posted by Tim Dunn | Report as abusive

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Posted by Global economy and recession – World Affairs Board | Report as abusive