The Financial Tsunami ( FT ) - The Way Forward ( 1 ) - He ain't heavy, he is my brother !

Regardless of our background everyone of us is affected by the FT to varying degree. It is a good time to take stock of the market or capitalistic system on which our economy is run. Some form of enlightenment is badly needed. I seriously think that the financial meltdown is the result of a financial laissez faire policy just as it was at the beginning of the inhumane industrial revolution in Europe in the 18th century. The original savage and unscrupulous form of raw capitalism that had led to imperialism was aptly superseded by the more enlightened form of market economy made possible by among other things democracy, education, a fair legal system, freedom of the press and equal opportunity for all.

The way forward after the devastation of the FT as I see it will be both painful and arduous. The first step in my humble opinion is for us to rough it out together. We must carry one another through the storm with reasonable sacrifice. Employers should only consider laying off employees after effecting a general across the board cut in wages with the upper management bearing a higher percentage cut. Once a wave of lay offs have taken effect the economic confidence of the general population will be totally eroded thus resulting in stark panic followed by a downward vicious circle of spending contractions. This should not and cannot happen or there will be a repeat of the Great Depression of the 1930s.


JKHC.