Does Wall Street collapse mean global collapse? – 41 days
If we were in New York yesterday as a fly on the wall at the UN General Assembly meeting, we might declare yes.
The financial crisis “has moved like a tsunami around the globe,” claimed Filipino President Gloria Macapagal-Arroyo, “wiping away gains, erasing progress not just here in Manhattan Island, but also in the many islands of the Philippines.” She pointed to “high prices of food, fuel, and rice” as proof of a looming global collapse.
Other leaders like Argentinean President Cristina Kirchner struck a similar note of pessimism, declaring Wall Street a “casino economy” and warned that “money alone does not produce more money.” France’s Nicolas Sarkozy zeroed in on lenders, envisioning a system in which “credit agencies are controlled and punished when necessary, where transparency…replaces opaqueness.”
Our Global Pulse series this week portrays similar international voices of concern:
(Embed this week’s Global Pulse video on “Bailout”)
And at Dear American Voter, we encounter conflicting views on the ongoing crisis:
(Link to DAV “Global Economy” Videos page, but do not embed)
Could Wall Street’s woes in fact usher in a new era of global interdependence? The Gulf Daily News reports for instance that several Japanese firms could see their influence grow in a less Wall Street-centric (post-Wall Street anyone?) world. Insiders buzz that troubled firms like Lehman Brothers and Goldman Sachs will have little choice but to assume a more global portfolio – and power structure.
Does Wall Street collapse mean global collapse? Tell us what you think! Make your voice heard through Dear American Voter (link to DAV submissions page).
