The Crisis Spreads To Latin America

Dr. Michael LaitmanIn the News (from The Economic Commission for Latin America): “The weak global economy, mainly due to the difficulties faced by Europe, United States and China, has affected growth in Latin America and the Caribbean. In 2012, the region’s growth will be slower than in previous years, according to estimates presented today by ECLAC.

“In the Economic Survey of Latin America and the Caribbean 2012, launched in Santiago, Chile, the United Nations agency states that slowdown experienced by economies in 2011 carried over into the first half of 2012, and this has brought down the growth projection for the entire year from the 3.7% announced in June to 3.2%.

“According to the document, private consumption has been the main driver of regional growth, thanks to the growth in labour markets, increased credit and – in some cases – remittances. However, the dramatic slowdown in external demand and the downward trend in the prices of most export commodities have made foreign trade the main way in which international crises have been passed on to the region’s economies.”

My Comment: Until recently, Russia, China, Brazil and other countries gloated over the crisis of the “capitalists,” but the world is global and integral and that is why we are together in the same sinking boat, and we must be saved together. Our salvation depends on our mutual help. Indeed, thus Nature forces us to unite before it is too late because otherwise we are facing a world battle.

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