Sunday, May 18, 2008

2008 - year of crisis

As of late there has been increased debate whether globalisation is really as worthy of the hype as it was previously thought. The current state of the world economy is testament to the fact that somewhere something has gone wrong.

Oil prices are reaching record highs at $127 per barrel. The credit crisis of last year is still evoking aftershocks as seen by the recent Bear Sterns, Fannie and Freddie crises. The financial markets seem to have no boundaries. Food is becoming a scarce commodity. What is going on?!

With the increase in globalisation, China and India has become increasingly larger importers of oil. With demand soon exceeding supply, we have the current situation with oil prices reaching record levels. Experts are predicting a $200 per barrel situation by the end of this year. If OPEC splits due to the rift between Saudi Arabia and Iran/Venezuela, it is certain that oil prices will reach perhaps higher than $200 per barrel. In a world run by oil, this would mean a catastrophe.

On the other side of the arena, we have the crises in Burma and China with thousands of people dead and equal numbers barely surviving with reduced aid. The momentum to donate to the Myanmar crisis was slower than that seen in previous cases such as the 2004 tsunami or the Pakistani landslide. Are people running out of their empathy or their money? Around the world inflation is steadily increasing. India reports 3% whilst Sri Lanka is at 30%.

Sri Lanka is in a crisis beyond the reach of monetary assistance. People being abducted. Kidnapped. Murdered. No law. Genocide in the smaller scale. Bombs set off by persons that are not related to the terrorists. Who is doing what? Noone knows. What is the solution? Only a few dare to speak of it. Others leave.

This is not a proud moment in history. People seem to have forgotten their humanity in the seeking of more more more. Greed - for power, for wealth, for glory seem to have taken precedence over kindness, generosity, truth and honesty. Will we get through this? I don't know. Will we have to change? For sure. Will we have to reassess our priorities as nations, economies, families and individuals? Yes.

I can only hope we start now. For very soon it may be too late.

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