Sunday, September 25, 2011

The West is pushing the world economy in a dangerous new phase.

World Bank President Robert Zoellick said “a crisis made in the developed world could become a crisis for developing countries”. On the other hand, IMF chief economist Olivier Blanchard said, “there is a wide perception that policymakers are one step behind the action. Europe must get its act together.”

Dreadful economic policies of the West are having adverse impact on the developing countries science the start of the global financial crisis. The Western economies are not taking any concrete action to stop the spread of the crisis.

Professor Tim Jackson, the author of Prosperity without Growth - economics for a finite planet says, “the days of spending money we do not have on things we do not need to impress people we do not care about are over”.

However, the West is unwilling to reduce its unsustainable standard of living. In the past the West relied on colonization to sustain ridiculously high standard of living. After the end of colonization the West was borrowing and spending to maintain its standard of living because it could not loot its colonies any more.

Now the West has no option but to live within its means because no one is willing to lend any more money. The days of superiority complex are gone and it’s the time for a reality check for the West. It should learn to live within its means because no one is willing to work as a slave for the West to provide high standard of living. It's time to work hard like other nations.


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