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U.S. Credit Crisis Sparks Global Turmoil

Wednesday, 15 August 2007 / Published in Message Board / 3,733 views

Dayananda dasa:

August 10, 2007, was a difficult day for the global economy, which was strongly affected by financial turmoil in the U.S. In any society the economy is a major pillar of principled living, indeed any type of living. The key to a stable economy is unselfish use of monies.

 

In "US Home Loan Crisis Sparks More Global Turmoil", Rory Mulholland explains that credit difficulties in the U.S. caused problems in financial markets throughout the world "despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis".  Most pundits agree that financial utopia is not possible; nature dictates that over time finances are fickle. Still, responsible nations try to steer their economies by good management, as exemplified by the billions used to prop up economies on August 10. However, the key to a stabilized economy is a society’s principled, unselfish standard of living. Such behavior does not preclude responsible financial management. Nevertheless, the basis of sustained prosperity is a society whose ethos is sacrifice that promotes unselfish behavior. Acts of sacrifice may be for one’s community, nation, the higher powers, or God, and an economy that underwrites such sacrifices is a stable one.

 

For more than one hundred years, two ideologies have dominated center stage with their views on the economy. Capitalists demand a system wherein the means of production and the things that are produced are privately owned. Socialists believe that both production and the means of production are properties of the people. In contrast to these two, a more correct perspective is that people own the right to production, nature owns the means of production, and the higher powers own the results of production. Based on this wisdom, an economy must renew nature and propitiate the higher powers. As individuals and groups overextend their ownership, the economy becomes more unstable, but when a society’s economy, through sacrifice, renews nature and offers results to God and His higher powers, that that society and its economy endure without undue turmoil.

Statement of Mr Macaulay
New Goshalla at ISKCON Baroda

3 Responses to “U.S. Credit Crisis Sparks Global Turmoil”

  1. Suresh das says :

    The markets of the world are rigged and manipulated, by insiders, to rise and fall. What we hear in the media as to the cause, are the not the actual reasons for what has just taken place. It is always amazing to me how the media, and even governments are manipulated, for the purpose of keeping the public bewildered, and always on the wrong side of market movements.

    Small players are prosecuted for insider trading, while huge market manipulators are rarely identified in the media or brought to justice in courts of law.

    As Srila Prabhupada stated “gambling destroys the truth”.

  2. Suresh das says :

    ****same submission, run through spell check:

    Trillions (trillions!) of dollars have been stolen by Wall Street market maker insiders. When this size of money is at stake, everyone can be bought off, even government officials (such as Treasury officials), what to speak of the press.

    I have often observed the reasons given in the press (all the papers of the world seem to report the same news) for why the market went up one day, and then the same reasons often given the next day for why it went down. People have very short-term memories, so they rarely observe this anomaly. Also because they believe the press is printing the truth and is infallible, they generally don’t observe the discrepancies taking place. Most everyone remains in ignorance and bewilderment as to the true causes of the market’s movements.

    Many traders use technical analysis to try to determine what future price action will be. They forget that the market manipulators created the “rules” and can break their own rules at any time, in unpredictable ways. Again, because people have very short-term memories, they try to trade based on the pattern most recently experienced. Unfortunately the patterns are always being changed by the pattern-makers, to manipulate the market and steal more money.

  3. dayananda says :

    We devotees can overcome the greed that characterizes the modern economy by reestablishing the economy of sankirtana in ISKCON. In other words, by selling Bhagavatams widely in large quantities, and thus establishing ISKCON’s Bhagavata economy we can foster an associated Bhagavata culture, which will curb American greed. The current deity economy of ISKCON is laudable, but not sufficient in the age of Kali. A Bhagavata economy is essential.

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