The financial upheaval

2011-10-27 18:33:46

The ensuing financial crisis worldwide is now testing leadership values. As the Eurozone is bogged down in anxiousness to strike a deal to tackle the debt crisis, clashes have been reported from across the Atlantic.

The Occupy Wall Street Movement, the leaderless initiative that started in New York last month, has come full circle by making vibes on the West Coast, too. Clashes have been reported from Oakland, California, Boston and the New York City, wherein people are simply expressing their disgust at the inability of the government to stem the economic mess and take to task the usurpers and the arrogant who played havoc with the world economy.

The slogan that has originated in the United States is real but appalling to say the least: why should the nation's wealthiest one per cent hold inordinate sway over the remaining 99 per cent population. This is where the administration and the intelligentsia has to come into play and strike a chord wherein such radicalised sentiments are addressed in an eloquent manner, and the only way to put to rest the soaring sentiments would be to broker a New Deal of economic emancipation and equal burden of wealth sharing.

Taxing the ultra-rich, as President Barack Obama plans to do, shouldn't be seen as a vested agenda as it plausibly is a measure to harness a balance in these difficult times.

The task, however, lies in Brussels as European leaders huddle for evolving a mechanism to stabilise the Spanish and Italian debts in order to convince that their holdings are safe. The Greek expedition has simply set a snowball reaction wherein other ailing economies too expect similar landmark debt waivers and, of course, a cushion fund to get going in rough waters.

The proposed 440 billion euros Financial Stability Facility, which pundits foresee to be stretched till a trillion bucks, is a doctrine that won't be easy to come. Though Germany and France lead from the front, opposition from conventional members such as Britain and Switzerland will be an issue at talks. What Europe has to keep in mind is that the attempt is not limited to the continent and will come to impact resurgent markets in Asia and South America. It's time to address the concern in true macroeconomic terms.

Khaleej Times

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