“ONE WORLD, ONE GOAL”
GLOBAL ECONOMIC COLLASPE
In 2008, the 30 largest leading economies in the world were in a recession. In only 12 months the world had lost almost $60 trillion within its housing, stock market and business values. By March 2009, over 15 million were unemployed in North America and over 100 million around the world; over 4 million homes in North America and over 10 million homes around the world were lost to foreclosures; and world governments had committed over $12 trillion in new debt to try to ‘Band-aid’ the problem. Some of the largest banks and financial institutions in the world had filed bankruptcy and sold themselves for pennies on the dollar. The world’s most costly financial collapse in history had begun with no signs of slowing down in 2009 and beyond.
Only 1% of the people in the world currently control over 95% of the wealth in the world today.
Don’t you find it scary that the world economy was doing so great up until the first few months of 2008 and it was balancing on complete failure the whole time? Within only 1-2 months the financial walls began their tumble down. For the first time ever the world got to see just how money was handled within the banking system, or should I say mishandled? We got to see how for almost seven years the world’s largest economies had literally borrowed themselves into a false sense of prosperity, which is now turning into a complete failure. For seven years growth had been created by trillions upon trillions of dollars worth of loans for spending to occur. Real jobs, good paying jobs, had been on the decline during these years. The majority of manufacturing jobs had been moved to developing and even third world countries, where labour costs are much, much cheaper than ours.
Why were our financial institutions allowed to gamble with more money than the total worth of all assets in the entire world? By January 2008 the total value of all wealth in the world; stocks, bonds and other financial assets was $200 trillion. In comparison the total value of all the investments/derivatives/bets, not included on the books which the banks show governments, was estimated to be as high as $1,000 trillion. As you can plainly see, gambles have been taking place worth up to five times the entire value of every known asset in the whole world. And one wonders how this financial mess became so huge so fast with no end in the near future.