INSIDE JOB (HD) - Reasons of World Economic Crisis (see description)

Badly goes the world if there's not a new generation of political leaders with courage and ability to face this bunch of vultures who suck the work, effort and dreams of so many people who are victims of their greed without limit.

With the exception of China, at this point there is no single relevant national economy that is not dependent on the consequences of criminal adventures of the financial sector. Iceland is a good starting point: an island in the Atlantic, with a population of 317 thousand people, a prosperous economy and a perfect social system. Suddenly, the financial system was deregulated and quickly the Iceland banks had granted loans in an amount equivalent to ten times the GDP of the country to, among other things, fund young tycoons who wanted to buy luxury shops on Oxford Street in London. When loans began to be not paid, the banks started to be close to bankruptcy and state had to act, by mobilizing everything he had. Public debt has soared, businesses closed for lack of credit, unemployment rose to 12%. The same scenario in Ireland (which now had to mobilize the funds of pensions for workers to cover the debts), and the same scenario in the U.S. - and from here to the rest of the world.

For those unfamiliar with the story, I recommend you to watch the movie "Inside Job", whose main contribution is to show the face of some of the protagonists of the warp - and it's always good to see the face of criminals: explains much of what doesn't have explanation... In short, the story is this: taking advantage on his sublime ignorance, Ronald Reagan was easily convinced to deregulate the financial market: if the state did nothing to control it, was explained to him, the bank would work freely, there would be abundant and cheap credit for all and the economy would grow. Clinton didn't manage to (or could not) modify the debauchery and George Bush (son), that tragic idiot, even deepened the ribald and relieved the taxes. Free from surveillance, pressed by shareholders in search of quick profits and lured by millionaire management bonus, the American financial managers gave themselves to a joyfully decade of irresponsible excess. What they had most on hand was the real estate credit, and started to fund purchases of houses, borrowing 99% of their price to people without any way of paying them. With that, have pushed up housing prices exponentially, creating the famous 'housing bubble', and producing the so-called 'toxic assets'.

First of all, this is a crisis of ethical values, values of life in society. And very badly goes the world if there is not a new generation of political leaders with the courage and ability to face this bunch of vultures who suck the work, effort and dreams of so many people who are victims of their greed without limit. This is the most urgent fight, without which none of this sacrifice makes sense.

Text adapted from an article by Miguel S. Tavares

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News & Politics

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• economy
• crisis
• bush