Behind the Frontline : The Rear Enemy

The front line enemy of the global financial crisis is obviously the burst of housing bubble . However , there is a more powerful rear enemy , yet to come with its full force in the front line.

The shift of production of food grains by replacing, it with the bio-diesel related production in the hope of reaching Crude (Oil) heaven could be referred as the rear enemy , who is yet to come in the front line with his full force . Still , it has been responsible for the much damage , which it caused with its silent impact, on the household expenses . The supply of food grains has been reduced in the global market , which has lead to inflation of the necessary commodities in the common household cost structure . The effect was drastic in the countries of middle-east and far east Asia. In normal cases , the 1/3 of the household budget goes for debt servicing . However with the rising food prices and related commodities , that 1/3 budget has to be cut off, into smaller budget and at the end no-budget , due to priorities of recurring expenses, related to essential commodities much higher, than the debt servicing budget . The end product is the bursting of the housing bubble which lead to global financial crisis.

Fighting against corruption : The way to global economic salvation

Corruption is one of the major element, which has decreased the ability of the global economic systems to fight poverty. Looking at the Millenium Development Goals (MDG), one would wonder, how far, we are on fighting poverty, in regards to the target year of 2015. There we could see ,that, lot of efforts of building effecient systems ,to make things work for common people,on eardicating poverty, are drained away by corruption. The latest example was the 'Oil-for Food scam' , where top officials of large scale global institutions are found to be involved . This kind of scams, are eye-openers, how the money, which goes to eradicate poverty, gets routed to different channels , and, often the purpose of the benefit of common people are ignored.

Though the problem of corruption, is fundamental to human society, and it exsisted in different forms across, different civilisation at different point of time. The real solution, lies on building process which could stop degeneration of human values. Some says, that the present world with the extensive usage of large scale IT systems and processes is well equiped to solve it . It's true that , with the present generation of technology sophistication , the chances of malpractices are decreased . However the orgination of corruption is in human mind . It is created by excessive lust and greed . How can technology solve this fundamental defects of human nature ?

That's why fighting against corruption is more internal that external . Without a strong battle with corruption , it looks impossible to visualise the way to global economic salvation.