Thursday, June 14, 2012

Shock from European Debt Crisis

This news article in The Globe and Mail has caught my eyes. Scary news, but all concerned folks should read it at once. 
"...more Canadian households could find themselves underwater with their debt payments if unemployment were to spike, and that banks and the wider economy could suffer through close ties to countries like the United States and the United Kingdom that have tighter links to Europe."
Why did this so grim warning came from the Bank of Canada? It is the apparently no end in sight debt crisis in Europe making many nervous in this side of the ocean. 


New York Times has published an article written by Nikos Konstandaras, who is the managing editor of Greek daily newspaper Kathimerini. He argues that both the right and the left political parties in his economically struggling nation have failed his fellow countrymen by their ineptitude inability to find a common ground resolving this terrible crisis. The writer's following comment is vivid and provides a glimpse what can happen to any of us, the clueless:
"The insecurity shakes us to our core. When I go to the A.T.M., I hold my breath until I hear the reassuring whirring sound that says the machine will give me what I’ve asked for. I wonder whether I will be so lucky next time. 
 ....Maybe when the volcano rumbles, when the thugs come for our neighbor, when a society gives up the fight for progress, the familiarity of our routines numbs us to the dust and roar of the coming stampede. Maybe we do not think bad things will happen to us."
Bad things do happen to good people. Keeping one's eyes and ears shut in this volatile time is the chores of the fools. But one may argue, what a common man in any parts of our world could do even if the twitter, the abundant news sources on the net and social networks can provide all the vital analysis and scholarly notes? In short term, may be nothing. However, a small awareness has the possibility igniting the true desire and effective collaboration to make a positive change, that may not be to the best interests of scoundrels and thieves, but can bring the possibility of global willingness to solve this all encompassing crisis once for all.

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