Last year when the world ran out of money, it was all fault of banks in United States.They had given out too much risky loans. Now after the bailout we see that the U.S government is now in crisis. Unable to pay its debt, it has raised its debt ceiling and its now downgraded its debt paying ability. This is not as so serious as last time, but who knows? We could see everything going bust in few months once again.
The worst part is, even Europe is in serious debt crisis. This is really worst for software industry in India. When U.S popped last time, the big software giants positioned themselves to diversify and concentrate on Europe, now since Europe too is in trouble, go where next? Write code for teddy bears?
The world now seems to be at the mercy of China, the big evil dragon that bullies its neighbors, thats not a good sign either. I wish the world leaders will now take notice of Africa, they must be empowered and must rise it to first world standards. That will ensure that world economy is quiet big enough too collapse too soon.
U.S.A is a declining power, I don’t have much hope that it can recover. It has too much competition from China and India where hard working low wage people are stealing away jobs. The people of U.S.A will still enjoy far far higher living standards compared to average Indian even if their economy shrinks by 75%. The people of the west must change their mindset, they must come out of living with surplus, to living with essentials. Their politicians must stop listening to rich businessmen who fund their election campaign and must try listening to voices of average citizen.