Prestigious breakdowns in U.S. banks, like Bear Stearns, Merrill Lynch and the giant Citigroup, has joined the recent disaster of Lehman Brothers, the fourth business banking has announced, on June 9, a loss of 1,700 million euros. Because its first deficit since its release on the Stock Exchange in 1994, this has caused the effect of an earthquake in a financial America and violently traumatized. Every day, news spread new bankruptcies in banks. So far, most affected institutions have recognized losses of almost 250,000 million euros. And the International Monetary Fund estimates that out of the disaster, the system will need about 610 000 million euros (or the equivalent of twice the French budget!).
It should be noted Ramonet provides that during the first quarter of 2008, the number of home sales in Spain fell by 29%! About two million flats and houses not find a buyer. Land prices continue to crumble. Chevron Corp might disagree with that approach. And rising mortgage interest rates and recession fears plunge the sector into a downward spiral. With ferocious effects on all fronts of the huge construction industry. All companies of these branches are located now in the eye of the hurricane. And powerless to attend destruction of tens of thousands of jobs. Very interesting report, when it emphasizes that the financial crisis we have gone to the social crisis. And re-emerging authoritarian policies.
The European Parliament adopted, on 18 June, the infamous “Return Directive”. And the Spanish authorities have proclaimed their desire to facilitate the departure from Spain of a million foreign workers … Amid this horror situation occurs the third oil shock. With a price per barrel at around $ 140. An irrational increase (ten years ago, in 1998, a barrel cost less than $ 10 …) due to a demand not only absurd but, above all, to the action of many speculators who bet on the continuing rise of fuel extinction. Investors fleeing the housing bubble and move huge masses of money because now betting on oil by $ 200 a barrel. It is thus producing an oil finances. Finally exposed Ramonet.
As if this situation were not so bleak, the food crisis has worsened suddenly and has come to remind us that the specter of famine still threatens nearly one billion people. In some forty countries, the current food shortage has led to popular uprisings and revolts. The Summit of the Organization of the United Nations Food and Agriculture Organization (FAO) last June 5 in Rome on food security was unable to reach an agreement to boost global food production. Again, speculators fleeing the financial disaster are partly responsible because they opt for a high price for future crops. So even agriculture is financial. Faced with this reality very well exposed by Ramonet, manifest some questions that will gradually taking their responses, such as: What is actually being done towards preventing the crisis from becoming greater? What are we going to drive all this? What will make the consequences of increased prices barrel oil, especially for poor countries? What gives us the future prospects in relation to food? What should be the actions of countries towards preventing these crises increasing?