Documenting the journey of a Cameroonian filmmaker
According to the World Bank Chief Robert Zoellick, the global economy should brace itself for a ‘new and more dangerous time’ due to Europe’s struggles to resolve its debt.
After Greece and Ireland went bankrupt, other countries like Portugal, Italy and Spain are rumoured to be on the verge of bankruptcy. With fresh rumours emerging of a possible downgrade of the French credit system, new fears are arising.
“We are in the early moments of a new and different storm, it’s not the same as 2008,” said Zoellick, referring to the global financial crisis.
Across the pond, the USA credit system was downgraded from a triple A (AAA) to a double A (AA) by Standard & Poor’s agency. What this means is that the US is struggling with enormous budget deficit. This could lead to banks refusing to lend to each other and boom, we’re back in 2008.
What does this mean for us? The job market has been for lack of a better word…scanty lately. Prices of goods and services still continue to rise, people have lost their homes and businesses and it’s all getting a bit crazy for me. I admit I have a fairly basic understanding of economics but can’t the bloody bankers and government sort it out? This is getting downright annoying!
WHAT’S YOUR TAKE?