Joseph Stiglitz, a prominent economist, Nobel laureate and professor at Columbia University said recently that the world is the worst economic crisis crisissince tcheap nfl jerseyshe Great Depression occurred. Credit contracts, the production down, unemployment to rise and fall most asset values. You can not slow down only long, but deep.
The crisis was predictable and expected.
But unfortunately, the majority of economists, politicians and policy makers ignored the warnings.
We have much to learn from their mistakes and those of economic
itself.
The summit on Financial Markets
and the World Economy was held at the National Building Museum in Washington during November 2008 and ended with subdued expectations.
It was Nicolas Sarkozy, President of France who pressed George W. Bush to have the summit by inviting 20 Heads of State including India represented by Dr. Manmohan Singh, Prime Minister of India.
The summit ended with a formal declaration of commitment to certain basic principles and an ambitious plan to reform the financial regulatory system and institutions such as the IMF and the World Bank.
It is the most important economic meeting to find a solution to the global economic crisis faced by all countries of the world.
Everyone knows that it is not that easy to find a solution to bring back the world economy on the rail.
The economists from all over the world are scratching their heads in order to search for a solution.
Someone said that it is a great challenge for the economists and politicians. carolina panthers jerseys.
The common people feel the pinch of the financial crisis in all walks of life.
Every thing is costly.
The stock market is towards the downturn.
Bailout money is released by many Governments.
But the bailout is not happening.
However the summit gave an opportunity to offer a genuine dialogue between major developed and emerging countries.
At home the Union Finance Minister Mr. P. Chidambaram appealed to various sections of industry to reduce prices to induce consumer demand.
Due to the sky rocketing of prices, the real estate companies made huge profits in the past.
The common man is cutting down his desire to purchase consume goods.
Such an action in fact, affects the production and also the employment.
Everyday we read in newspapers thousands of jobs are being cut in various industries.
One interesting thing we observe nowadays is that the crude price has come down to less than $50 from $150 per barrel some months ago in 2008.
This decline in price did not bring down the prices of petrol and diesel we buy from our fuel stations still.
Governments should press the companies to go for less profit for the time being so that the prices will come down and it will increase the demand for things resulting in more pnfl jerseysroduction by employing more people.
It has a chain reaction to bail out the current economic and financial crises.
Every Indian is worried about their financial management.
Every Nation in the world needs to seriously think on these aspects to make the world a pleasant place to live for billions of people.
No comments:
Post a Comment