politics

Global leaders struggle to calm recession fears

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They have not calmed my fears.

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LagunaSep. 23, 2011 - 03:52PM JST

You and I are on the same page. These global speculators are taking huge profits in this financial situation while they are destroying the market confidence and stibility. They are bad as well as cyberhackers. What do you think we should do? Banning short selling globally until the market calms down? It seems to be the only solution to me.

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Juan, I don't think we're even close to a war setting yet.

First, the casus belli that triggered so many past wars has been put so high that not many countries will try it. (I say this with apologies for the US, whose wars might also be termed "policing actions" - i.e., violence by the overwhelming dominant on the helpless. By "war," I would mean somewhat equally matched opponents.)

Second, the world is much more integrated now, complete with a redundancy of channels to cool passions before they burst into violence.

Third, war is no longer a clear path to gain; indeed, even the recent US "policing actions" have shown how even overwhelming might brought on relatively defenseless opponents cause massive economic damage to the aggressor country (and the aggressee, as would be obvious).

Finally, people act differently today. Wholesale patriotism is easy to manufacture in whole cloth and sell over the Internet, but that same device serves to remind all - even those in China - of who is doing the manufacturing and who stands to benefit. Stirring up demonstrations is one thing; sending large numbers of humans to certain death (which is what "war," rather than a "policing action," would entail) is entirely another.

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LagunaSEP. 23, 2011 - 03:52PM JST

Very well put and couldn't agree more....The extreme reactions of the markets are crazy .Might add irresponsible lending to the list, without which there would be no loans to default on....

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It truly is time to dust of Das Kapital.

-4 ( +0 / -4 )

@ Juan Rodriguez

There were indeed big wars in every century, so why not in this. Well, let's hope that the leaders keep cool and we are only facing a Back-to-the-roots-trip which is anyway a usual turnus after a boom...

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Here is another big factor: The US & NATO trying to police the world and trying to stir a boiling pot that is about to splatter all over the place. Also, how can the US not be in a recession still, specially when there was no job growth in the month of August? I mean, come on!

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Just get ready for WWIII, all the signs are out there.

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Market speculation is evil. Many in the financial service industry provide value, but speculators only take and provide nothing of use in return. They exploit any weakness, no matter how small, and not only blow it into millions in profit but destabilize the world while doing so. As such, they are no better than hackers. It would be nice if we were able to treat them as such.

The economy is weak globally, sure, but it has been so before. Some countries have oversized debt, certainly, but that is nothing new. What is new now is the massive amounts of cash speculators have at their fingertips and their eagerness to use this power to exploit what is admittedly a very flawed Euro.

So certainly the Euro needs to be fixed, just as Sony's security system did - but those who emphasize this point by acting in ways that threaten the very edifice - of the Union, of the company - deserve more than just scorn. These people are out of control and efforts should be made to rein them in.

3 ( +3 / -0 )

“there is a way out of this crisis.”

if so why Japan has been stuck in recession for twenty years..and now dragging others into it?

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