Debt Crises and Why the Euro Must be Allowed to Fail
The debt crisis in the Eurozone is a catastrophe looking for a time to happen. The longer it stays on life-support from other financially vested Governments and central banks, the more the pain is increasing for stock markets around the world. While Governments may be changing leaders, the Banks and other financial institutions are scurrying for cover to minimise their losses at the expense of the people. Like it or not, Banks have to "take their medicine" and be made well again.
To any outside observer of world finances, the cure is obvious even if very unpopular. And the cost for many will be extremely high and many millions of people will never again be financially secure. But they/we the people, voted for these Governments through our various political systems yet we failed to hold them better accountable.
How could we have done that better?
If we had been good citizens and paid more attention to what our various Governments were actually proposing and implementing, we could have forced them to better account to us. To know precisely what our Governments were actually proposing means that we all should have listened better. If we had been listening and watching more, then we would soon have known that it was our media who were driving the information being provided to us through our news sources. It is up to each citizen in every country to avail themselves of as many news sources as time allows and learn and understand what our elected representatives are doing on our behalf.
Our democratically elected political representative is someone that we elect democratically (that is, it is the political candidate that has the most people supporting them) to act on our behalf.
Another way of looking at this catastrophe-in-waiting is if you were to grant someone Power-of-Attorney over your affairs and they acted on your behalf while you were still of sound mind and body; wouldn't you want to know how they were running your affairs? Unless you did watch over them, how would you know if they were acting in your best interests or their own? When we elect a politician to act on our behalf, we are granting them the power to oversee our best interests.
We could all have done this a whole lot better.
The responsibility that the Media plays in a working democracy
Until recently, newspapers, radio and television have been our primary sources of information. In a working democracy, these are sources that are supposed to give their readers information about news events. The media have been charged with providing information to the public as a service and they are paid by us to give us this service every time we buy a newspaper, turn on the radio or the TV.
Newspapers have become a major culprit of this debt crises because they have feed the general public more disinformation based on their own financial agenda rather than disseminating news events to the general public. Newspapers have abused their position in our societies and have veered more towards manipulating the news rather than finding truth in it. It is a journalist's responsibility to check and recheck their news sources rather than manipulate the events to suit their financial shareholders.
Newspapers should report news not manipulate it to what they want their readers to think.
Radio is also a media culprit who has contributed largely to this debt crises by the use of "shock jocks" looking for higher ratings so that they can demand higher advertising fees. These types of radio broadcasts have become popular over recent years because of their shock appeal to tired and worn-down people on their way to and from work. Drive-time radio remains a major news source for many people who otherwise find themselves time-challenged to actually concentrate on what they hear.
Television has become a soporific antidote to our stressed-out lives. People turn themselves "off" when they can appear to be watching something. We switch TV on and can watch it without listening to it or paying attention to it. If you were to ask a person planted in front of a TV set, what it was they had just watched, even if it was just five minutes after watching it, the percentage would be unbelievably small of those who could tell you. Yet many people say their only news source each day comes from the TV. Perhaps this is why we all have a debt crisis.
This credit debt crisis means that the Euro has to be allowed to fail so that it can start again without the debt burden but with more oversight and wisdom. If not, the people of Europe are going to be saddled with so much debt that it will be their Grandkids Grandkids who will be paying this debt off to the world's financial institutions.
As we keep hearing from the European Central Bank (ECB) and other banking cartels in Europe, they have to take a bit of a 'haircut' but when your hair only reaches past your waist; this isn't good enough to save the rest of the people in Europe from going totally bald.
About the Author
Credit debt is slowly crippling the world financial system while strangling people who have any credit debt. Western Governments in association with an unbiased and responsible media, could save the world's financial system from catastrophe if they had the impetus and lack of self-interest to bring culprits to justice. More information can be found at http://creditdebtconsolidationideas.com to help with personal credit debt today.
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