In the News (IGSM (Institute of Globalization and Social Movement) Report): “American agriculture has been impacted by the crisis the most, to be followed by commercial crisis and industrial production decline. Due to the failing demand in the US market, the crisis will spread to the “new industrial countries,” where production will begin to halt.
Decline in sales and production will lead to a collapse in stock markets and a shift from inflation to stagflation, a drop in oil prices, increased unemployment, and general consumption decline. The crisis will affect all countries and cause general economic instability….
“2009-2010 will mark the peak of the crisis (the main decline), followed by depression and the restructuring of the world economy for new development in 2010-2013. There is no reason to expect that the crisis will pass quickly…
“The global economic crisis is characterized by the fact that the world economy cannot continue developing as it always has… there are no further opportunities to keep reducing real wages while stimulating consumption….
“Crisis will lead…to the formation of a single world labor market. It will strengthen global monopoly and will enhance its role in a global market (the role of small and medium businesses will decline). The crisis will booster protectionism….” It will generate social inequality and instability in international and intra-national relations.”
My Comment: All that is bad has been predicted, but there is no way out. The closer the breakdown is, the clearer we see the lack of tactics and strategies for coping with an impending stroke. I wonder how the idea of man’s spiritual transformation, rather than external economic adjustments, will be realized as the only effective solution. After all, the increasing majority agree with the fact that crisis creates a new society and economy.