Look into profiteers’ pockets too.

It is quite natural for doctoral degree-holding economists and financial analysts to absolutely fail in making out the grassroot meaning of the current world financial recession since they are too theory-oriented in their analysis and predictions. They basically look at what bigwigs and rich business tycoons say. They depend so much on billionaires’ definitions and glossaries while interpreting financial issues.

More recent analyses and comments on the current world financial crisis have begun to threaten the poor and working class people’s very existence. They have not suggested accurate economic measures for the governments to take up while they have been disseminating bombarding information on the far worse consequences that the have-nots will have to face.

If we only look at the world list of the richest and think proactively, there is no difficulty understanding the long-term multidimensional impact out of the deepest and widest gap between the haves and the have-nots. This shows the political and socio-economic structures of human society.

There are innumerable talking industries in the world. They advocate justice in human society by organizing various intellectual advocacy campaigns. They talk on and on. In a sense, it is natural for them to do so. But when one discovers that they do not want to travel into the grassroot of problems, one can assume that they are talking industries. To be real advocates, it is natural for them to reach the grassroot for obtaining scientific and truthful information so as to guide policymakers more appropriately.

For example, so many developing nations take heavy loans from global investors such as the World Bank and the Asian Development Bank. These global loan-givers seek to get their returns through tremendous price hikes, especially in essential goods and services. Developing nations are compelled to hand over their responsibilities to costliest international contractors—strictly recommended by the loan-givers and directly or indirectly affiliated to them. The consequence is that a substantial amount of money goes to such contractors, who renew their costs at dollar rates. Upon finishing their projects after lengthy periods, they delay in handing them over concerned nations as bargaining continues. In such a bargaining period, concerned authorities (are compelled to) accept a certain amount of illegal commission and accept the demand of the contractors. The subsequent consequence is price hike for the ordinary people to pay.                                  

Of course, nobody can have a perfect definition of anything. No one can predict anything exactly in this world. There is no exact solution to any problem. Fiction and media ads are different things. However, better alternatives are always sought and should be encouraged.

A better alternative to be considered on the global financial crisis is to adopt a sustainable grassroot economic approach—especially developing nations have to take it up since they are too weak to compete with giant investors and blockbuster economies.

One may wonder what grassroot economic approach means. The phrase itself suggests that nations can depend more on their people’s local resources and investment. This approach encourages people to invest and get returns. This approach, first of all, ensures the fulfillment of people’s basic needs at home while trying to earn dollars by catering to international needs.

Global media have been teaching people that millions will lose jobs, thousands of industries will close down, and nations will have to cut down their welfare funds and so on.

But should there be grassroot economic approach, citizens’ money can be mobilized throughout a concerned nation. Of course, globalization is never to be ruled out. No one should misunderstand the interdependent world. But interdependence does not mean the non-adoption of any grassroot initiatives.

But the import-oriented and commission-dependent economy of developing nations is causing them more serious crises. They heavily depend on loans and grants and cannot imagine their national budgets without international aid. This is a basic mistake.

This is a basic mistake in the sense that no nation in the world so far has become developed by burying themselves under the mountains of loans. No nation in the world has ever got economically and technologically advanced by becoming parasites.

History of every developed nation proves that they got so advanced because of their initiatives and innovative approaches, not because of their dependence and parasitism.

As states have already become profit-facilitators instead of good-doers for people, business tycoons use this opportunity to keep their profit range intact by cutting down the number of employees. Taking a deliberate risk or accepting less profit can never be the nature of profit-addicts. Therefore, it is natural for them to be preparing to remove millions from their payrolls.

Global media are referring to so-and-so surveys. They have paid little attention to what are the root causes and what could be done to relieve the have-nots in the crisis period. Global media coverage appears with a mood to benefit ruthless profiteers and to throw the have-nots to the brink of extinction.

This gives a sign of far deeper humanitarian crisis looming over. Humanitarian institutions now need to develop their own strategies to cope with coming crises.

Those who have already earned a lot will use the media coverage of financial recession as the tool for increasing their profits.

When institutions become bankrupt, we often tend to provide them relief package. But at the same time, we (deliberately?) forget to check the purse of the concerned owners or authorities.

If there are genuine political forces in the world, they can use the causes and effects of the global financial crisis for revolutionizing human society. They can base their political vision on justice—the base also for sustainable peace. But should there be globe-wide political struggles, oligarchies will fall down in many nation—be sure. The oligarchies, whose democracy is to rule and dominate through money, will have to accept their fact then. Political struggles will have to be linked to corruption-bound political exercises. Political decision-makers are the chief forces who determine the substance of a nation’s fate.

As to global financial crisis, it would be relevant to remember what one auditor admitted, “We are the ones who legalize corruption and economic irregularities.” Is this not happening in every country? Therefore, it would be wiser to look into pockets of owners and authorities of biggest financial institutions instead of looking at their audit reports.