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South Africans would be best advised to dust the cobwebs off that bicycle or head for the bus terminus as local fuel prices are not predicted to drop any day soon. After a fortnight of turmoil on the world stock markets and the threat of a global recession looming ever closer, South Africans and consumers world-wide have been hit where it hurts most – in the pocket.
When the United States of America was found to be suffering from deep economic problems, many analysts commended European companies and their relative strengths in view of emerging global crisis. European companies function in an Anglo-Saxon free market model which is considered to be safe and secure because of over the top government regulations.
The truth is, we are going through the most severe global financial crisis since the days of Great Depression. Originated in USA, economic recession is affecting all the major players of world economy. Governments and major policy makers of world economy have taken notice of the urgency of the situation and frantic steps are undertaken to stem the rot. At the core of the term ‘recession’, spirals of several financial mistakes are intermingled.
All of us are hit hard by high and rising Crude Oil prices. Since the grains are being used to produce bio-fuels, food prices too has risen sharply. Due to rise in both food and fuel prices the inflation is scaling new heights across the globe. I have a powerful action plan to bring down crude oil prices which in turn will not only reduce food prices but will also soften the inflation levels.
The prospect of peak oil production having already been reached or waiting in the very near future must prompt us to consider how we are going to replace fossil fuels as our primary sources of energy. This action needs to be taken immediately to avoid severe economic and social repercussions.
Atlantic City's splendid casinos and the recent trend of growing luxury outlets has not prevented it from seeing a slowdown in revenues and a threatening decline in its economy. Is the mortgage crisis responsible for this, or are the casinos to blame or does the state have a role to play? The answer seems to be all of the above.
Historically, recessions are the result of high interest rates, pushed up as the result of loose money policies. Recovery comes when citizens begin to spend more wisely, save money and pay off their debts, but not this time. Never before have credit policies been so loose for so long, and there has been no decrease in consumer debt. It’s still on the rise, but Americans are NOT fundamentally to blame; immoral monetary policy is.
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