Reversals

Previous economic gain and the monopoly of the global trade led Western capitalism in great advantage, but what is happening today is in reality, a sudden reverse -- the global financial crisis:

• In the Philippines, given the tripartite US dependence in aspects as political, cultural and economic, there is no place for self decision making, but rather most if not all are relative as to how foreign countries will wave their flags.

• Global financial crisis, is on the one hand, the same fraud reason given by President Gloria Macapagal- Arroyo in her latest State of the Nations Address, amidst the drilling socio-political and economic distress – thus, making it as a convenient excuse. Behind these tricks, the truth of the matter remains, that the current administration still has its ability and power to thrust aside the influential hands of the powerful foreign businessmen.

• The current global dilemma results to enormous burden to the people as a direct consequence of government’s go-with-the-flow strategy to that of the US economy.

• The capitalists’ world and its protagonists have prompted a perception of interconnectedness in the global economic arena -- that merely translates to liberalization, denationalization, privatization and deregulation of public institutions and other social belongings that were supposed to be considered as “public ownerships.” But given today’s overturn of events, the concept of interconnectedness is the same motivation which has created immediate effects that are either interrelated or stemming from one another.

• In response to this global financial volatility, the Philippines has adjusted domestic fuel prices, cut development/government spending and tightened monetary policies. The unfavorable effects of these conditions of trade slowdown have been significant, revealed as the deterioration of economic growth and development; disintegration of both the micro and macroeconomic activities and imposition of massive inflationary pressures. These same policies moreover, brought the world economy to its lowest tide and caused anxiety and uncertainty among us.

• The global financial crisis will create another bunch of effects, one after another.

• For families, this is not a twist of dissatisfaction, but a matter of insufficiency.

• At present, we may view that same governments which supported laissez faire capitalism utilize taxpayers’ money and government machineries to save companies that are held responsible for the crisis.

• Given these drastic changes, it is to be deemed that these countries confess that capitalism’s too much greed for profit (at any rate) is what conveyed us to the grave crisis transpiring today – and at the end, affecting the Philippines and the Filipino people, especially in its depressed political economy and/or material condition.