HIGH PRICES causing GREATER SUFFERING and MORE DISTRESS
On top of supply- chain disruptions, caused by Covid-19, the effects of Ukraine war and sanctions on Russia are pushing the world’s economy into a tailspin. For the last 40 years, USA has not suffered from such a high rate of inflation, as it has today. The central Banks are raising the interest rates, thereby reducing growth rates and creating the possibility of recession.
UNO has failed to stop the war, once it had started. High prices of energy and non-availability of essential things have caused riots in Sri Lanka and turmoil in many countries of South America. In this 21st century, there are many political and spiritual leaders, of religions, who claim to speak on behalf of the poor, are unable to do anything to alleviate the suffering of the poor. DigiNews360 calls on the leaders of super powers and the Pope, the Custodian of the Holy Mosques, the Ayatollas, Imams and other spiritual leaders to recognize and alleviate the suffering of the poor. DigiNews360 also requests fellow human beings, who are financially in a comfortable position, to help the poor in their area. Let none suffer from hunger, let no child suffer from malnutrition and let no pregnant mother suffer from anaemia.
Governments have accumulated large unsustainable debts, due to mis-governance, populism or for removing wide-spread distress during two years of Covid-19. Secondly globalization is receding, bringing in protectionism and re-shoring. Thirdly governments are required to spend more on defense as United Nations is unable to stop the on-going Russia-Ukraine war or to help avoid the attacks by China on Taiwan. So as the inflation rises and the threat of recession is hovering over the developed world, the governments have less capability to be able to face them.
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The problems have arisen because in 1972, Nixon, at Henry Kissinger’s advice, opened up US markets and technologies to China, with the mistaken assumption that China would become democratic and open as USA integrated China into its economic system. The leaders of industries from USA and Europe chose non-democratic regimes for setting up their larger manufacturing units, because China offered cheap and non-unionized labor. This has pushed a large part of manufacturing of the world into China. The greedy capitalists, short-sighted theoretical economists, scholars and strategists did not understand that the unbalance could be weaponized by a dictatorial regime to cow down countries, small and big. Today USA, and in fact the whole of the world, depend on China for most of the manufactured products. Moreover, China has become a real hegemonistic rival of USA, particularly in the Asia-Pacific.
Kissinger had the objective of weaning China away from USSR. Today China has become an economic powerhouse and Russia and China are working together against the interests of the west.
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