In the aftermath of the 2008 U.S. financial crisis the phrase “too big to fail” became a part of Americans social vocabulary.
The recent bailout in Spain and the turmoil in Greece, give me heart that “too big to fail” isn’t just an American thing.
As a general rule, I don’t like the notion of giving bailouts to countries that spent like there’s no tomorrow during good times, and now find themselves knee deep in debt.
Private citizens would not be afforded such opportunities, why should governments be so special?
The interconnected and global nature of the world economy is what makes governments special. If Spain and Greece go belly up, they take economic interests in Europe and the United States with them.
I don’t think people can understand that point enough. Having a globalized economy means that our fates are interconnected, whether we like it or not.
What we should be rallying against throughout the United States and Europe is the culture and circumstance that have made “too big to fail” institutions okay.
Showing posts with label Globalization. Show all posts
Showing posts with label Globalization. Show all posts
Tuesday, June 19, 2012
Tuesday, February 7, 2012
Terror in the Philippines
When I think about terrorism, the Philippines doesn’t exactly leap to mind. But apparently, the Southern Philippines has been called Southeast Asia’s Afghanistan.
On Thursday, the Philippine military scored a major victory by killing Southeast Asia’s most wanted terrorist and two other senior militants in a U.S. backed air strike. Zulkifli bin Hir was a top leader of the Al Qaeda linked Jemaah Islamiyah.
Also killed was the leader of the Philippines based Abu Sayaf militants, a group linked to several kidnappings of Westerners in the area. Source: http://www.csmonitor.com/World/Latest-News-Wires/2012/0202/Most-wanted-terror-leaders-killed-in-the-Philippines.
Asia is the battleground of the present and future. The ingredients exist for a lengthy battle within Asia. Globalization has proved a game changer within Asia.
You have the modernizing forces of democracy and the Western capitalist culture--in the form of multinational corporations butting up against traditional Asian cultures and the Islamic faith.
There will be great conflict between tradition and modernity that will occupy security analysts for the next lifetime. How this conflict is resolved will likely determine whether the next few decades are grounded in peace or scorched by war.
On Thursday, the Philippine military scored a major victory by killing Southeast Asia’s most wanted terrorist and two other senior militants in a U.S. backed air strike. Zulkifli bin Hir was a top leader of the Al Qaeda linked Jemaah Islamiyah.
Also killed was the leader of the Philippines based Abu Sayaf militants, a group linked to several kidnappings of Westerners in the area. Source: http://www.csmonitor.com/World/Latest-News-Wires/2012/0202/Most-wanted-terror-leaders-killed-in-the-Philippines.
Asia is the battleground of the present and future. The ingredients exist for a lengthy battle within Asia. Globalization has proved a game changer within Asia.
You have the modernizing forces of democracy and the Western capitalist culture--in the form of multinational corporations butting up against traditional Asian cultures and the Islamic faith.
There will be great conflict between tradition and modernity that will occupy security analysts for the next lifetime. How this conflict is resolved will likely determine whether the next few decades are grounded in peace or scorched by war.
Subscribe to:
Posts (Atom)