Thursday, September 25, 2008

Another wall falls, but now in New York

Coincidentally, the area of NY where the banks and other financial institutions which make that fiancial heart of the world is called Wall Street. 

But starting this week, the future will not be any more what it used to be. "A financial Pearl Habour" called it one of the wealthiest businessmen in the world. 

In addition, the BBC has just withdrawn a newscast to broadcast a special show called "the world in the brink". That name is enough to understand the seriousness of the issue. 

Someone pointed out that Wall Street may be losing its world preeminence overall. U.S. Capitalism will not be copied in the inmediate future. 

The USA should open beyond the G-7 to the G-20, said another guest, implying that world financial power will be more spread in the future and Asia and the Arabs will want assurances before placing their assests in the hand by their American competitors. 

But, as one participant who resides in Hong Kon said: "The world will be the same again in the future. We will overcome this crisis and others will come elsewhere. 

My immediate conclusion is that the Americans should stop living -as the Argentinian- beyond their means and they can not expect others pay for their careless (¿criminal?) way to bring about their financial affairs, without supervision or honesty. 

The common people of the U.S. has to correct their bad borrowing and consumption habits and the bankers should be more alert in order not to compete "giving away" money to people with no ability to pay.

Unfortunately, it the young people who will pay for the mistakes of their elders. They will have to pay  by way of inflation government expenditures to save dishonest and inept bankers. 

A Berlin Wall Financial is crumbling before our eyes is ...


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