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Lehman Brothers's bankruptcy announcement on Sep 14 accelerates the global economic crisis
By Ebrahimi
2008 Oct 19, IRIB
With the increase of the US financial crisis' impact on the economies of countries dependent on the West, frantic efforts are being made for a solution, which still seems elusive.
US President, George W. Bush, said after his meeting with French President, Nicholas Sarkozy, at Camp David, that he would soon host a summit of leaders of the world's most industrialized countries.
Earlier, Sarkozy, a rabidly pro-Zionist Jew and son of a Hungarian immigrant to France, had suggested that Bush hold such a summit at Wall Street, where the crisis started and spread to other parts of the world.
Economic experts believe that the Bush regime's string of blunders in the economic sectors, and lack of international regulation and proper supervision over Wall Street and markets affiliated to it, have caused the ongoing crisis, with no remedy in sight.
Unofficial estimates indicate that financial markets in West Europe, the US, and even in parts of Asia have been rocked by more than US$1500 billion loss of credits. This is while, concerned international institutions such as the International Monetary Fund (IMF) and the World Bank, which had been in fact the first advocates of the West's flawed concept of globalization, have not been able to keep up with their duties in supervising the due implementation of financial commitments.
However, critics believe that these bodies that were set up 60 years ago, following World War II, are incapable of handling the modern world's issues, since they are unable to keep pace with the new and complex economic technology, in addition to the mismanagement of the international monetary and financial system by the G-7, made up of the world's most industrial countries.
In view of these facts, a change in the management system is inevitable due to the emergence of economic giants such as China, India, South Africa, Brazil, Australia, and Russia as well as member states of the Organization of Petroleum Exporting Countries (OPEC), which have an important say in the energy sector across the globe. Participation of all the economic powers in the modern financial system is a must to avoid repetition of such a horrendous calamity in the world markets. Meanwhile, economic experts are unanimous that any summit of US and European leaders will undoubtedly fall short of a sensible and feasible solution to the financial crisis.
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