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MLM And The Global Financial Crisis
First What Is The Global Financial Crisis? When I talk about the “global financial crisis” I am referring to a huge list of financial failures and other problems which have occurred since 2007 and are still occurring. Some of these events are listed in the examples below and every nation has been affected by these problems. Here are just a few of the problems the crisis has brought so far…
- Failed or acquired financial institutions — Banks, insurance companies and hedge funds have been acquired or bankrupted during the current financial crisis. Just a few of the largest include: Merrill Lynch, Bear Stearns, Citigroup, Countrywide Financial, Lehman Brothers and AIG. Many smaller banks from around the world have also gone bankrupted. See just the US banks listed here.
- Failed retirement funds — Nations and corporations have been busy spending, risking, and losing the retirement funds of their people and employees. In 2008 alone, retirement funds and pensions, in a nations of the USA, Japan, United Kingdom, and Netherlands lost a combined $5 trillion from failed retirement funds. Spain has quietly plundered at least 90% of its social security fund, by purchasing increasingly risky government bonds. Spain is nearly bankrupt and at will soon need an international bailout, like Greece.
- The housing bubble — This has happened in the USA and is still happening in over 25 nations. Housing bubbles cause a massive spike in housing prices, followed by a crash. This results in a high rate of foreclosures and evictions. Many trillions of dollars have been lost in property values, and has mainly left most homeowners bankrupt or even homeless.
- Government bailouts of corporations — A number of large businesses (such as banks, insurance companies, and General Motors) have been “bailed out” by the USA government and governments around the world. In most cases, the top executives of these companies have received multi-million dollar bonuses for the time they spent running their companies into the ground. In most cases, tax dollars are used to fund these bailouts and if theses "bailed out" companies default on these loans, your children, then their children, etc., will end up paying for these bailouts.
- Rich are getting richer and the middle-class are joining the poor — In 2010, the wealthiest 1% of Americans had 42% of all wealth in the USA, with the richest 10% controlled 85% of the wealth. The remaining 90% of Americans are holding just 15% of all USA wealth and this gap continues to grow wider. And this is not just happening in to the United States alone, worldwide the poorest 50% of people hold only 1% of world wealth.
- Rising unemployment -- Contrary to US government reports, most economists estimate that the real unemployment rate in the U.S. is now over 20%. The USA government is attempting to hide the real level of unemployment by using reporting methods which, for example, don’t include the long-term unemployed. Current USA unemployment is now very close to levels seen during the 1930's Great Depression. Just look at Europe, in the 15-24 age group, unemployment recently reached 57.6% in Greece and 56.5% in Spain.
- Rising dependence on government assistance — Just in 2012 alone a record setting 20% of Americans are now receiving “food stamps” and it is reported that over 80% of Americans are now receiving either welfare, unemployment, social security, or some other form of government assistance.
And the above list is just the tip of the iceberg. There are countless more examples of how the current global financial crisis has impacted or will be impacting our lives. And all though we are currently 5 years into this financial crisis, I truly believe it will continue to get worse, and likely last another 10 years or more because of the current government climate in Washington D.C. and most other countries.
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