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Global economic recession: this thinking of mine that won’t go away

October 19, 2008

I don’t know why, but this brain wave of mine has refused to go away since the raging global economic recession with America’s patent right- that the whole phenomenon was designed by the United States to achieve encoded objective: to effect correction in the prices of crude oil that has maintained a disagreeable bullish run for some years that has hurt the American economy and her eminence in world politics especially, among the oil producing nations who, now awash with petrodollar was beginning to act like some majority shareholder in the company called, the world .

I don’t know why, but this brain wave of mine has refused to go away since the raging global economic recession with America’s patent right- that the whole phenomenon was designed by the United States to achieve encoded objective: to effect correction in the prices of crude oil that has maintained a disagreeable bullish run for some years that has hurt the American economy and her eminence in world politics especially, among the oil producing nations who, now awash with petrodollar was beginning to act like some majority shareholder in the company called, the world . A case in point is Russia, a rustic power whose government had rained bombs on Georgia, America’s “jewel in the savannah” and granted official recognition of independent states to two minuscule entities in Georgia all with total disregard for her opinion. In a continuous show of their fleeting strength, they had rushed to finagle an expensive joint military exercise with an anti-America Venezuela.

Thereby betraying a lack of understanding of the five things that must be measured before war-mongering as espoused in the classic “the art of war” by Sun Tzu. Then there was the issue of China. Thinking that a use had finally been found for her as the sweat shop of the developed world, they had moved in materials to convert a few of it shanties into modern cities for a cost saving production of needed merchandise back home in return for slave wage but poor china, having built a war chest of over a trillion dollar as foreign reserve in European banks, the government had concluded faultily that it had finally arrived and was even impudently throwing her weight around in the name of securing economic interest in parts of the world especially Africa and embarking on space luxury when more than 70% of her citizens were yet to receive the dividend of their so-called boom. Now factories are been shutdown with attendant violent demonstration by workers due to decline in patronage by their United States based patrons and the fact that majority of her natives were not in a position to make effective demand for such commodities.

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Unlike the United States, China is not a primary market for goods produced in her backyard in spite of her huge population of over a billion persons. I must say this, if my thinking on this is right, then it means that there is only one truly developed nation on earth- America; the rest are just claimants. Consider how a decline for goods and services of a country of less than 250 million people could have prompted government around the world to immediately recalculate budgets and for Nigeria, to remove much of the fats in hers for 2009. No other nation’s economic bust I submit, could have achieved this kind of impact. The OPEC cartel and those without, whose members’ economy is taking much of the heat, has started talking about cutting production in other to stabilize price which has been in a some what free fall.

I guess they don’t really understand the word “recession” but they should know this, any simulated increase in the price will only cause demand to fall and an intensification and broadening of research effort for alternative sources and innovative ways of doing certain things that currently, requires input of petroleum products in one form or the other and encourage some domestic consumers to start thinking of collectivities or communism in certain areas of their life like sharing public transport. Rather than the artificial growth and development that is going on in most of the oil rich regions as exemplified in luxurious and expensive property development, they should embark on aggressive human capital development in key areas of science and technology otherwise, they would simply wake up one morning to discover that they have got beautiful cities that they cannot maintain as “hurricane bust” would have done the rounds busting pockets and accounts and sending foreign interest back home.

My brain fag notwithstading lets just continue to impress it on ourselves that this is just a phase that will go away when the United States must have rewritten the global economic rules and unlike pre-bust era of free and unregulated economic activity return as big brother world to monitor the rest of us and our disruptive activities.

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