White Balloon

Daily Journal of Mahaan, an Iranian-American student residing in USA.

Wednesday, October 08, 2008

Global Economic Chaos

Over the lunch time, I skimmed through Wall Street Journal... The new stories about the economic downfalls sound like Armageddon. A large scale global crash! There is not a single good news in the paper. And then you see huge one page advertisement of the Oil giants talking about rescuing the planet.... The oil giants and military industry have made so much over the past 5 years that for now, they can simply lay on their pillows. But how much Americans will remember this chaos 5 years later when things are back to normal? Zero!! When Clinton was finishing his term, there was a surplus in the budget. There were signs of slow down in the dot com boom, but nothing in the scale of what came from Bush....And yet people voted to bull shit discourse of W. Bush's compassionate conservatism.... Not once, but twice...

I don't know how much this global crash influences Iran at the end. Some say because Iranian economy is not much in the global system, the influence will be minimal compared with the rest of the world. In contrast, our neighboring gulf state economies are already starting to drop... BBC reports about a large crash in Dubai and Saudi's stock markets... At some point, Iran will also pay a price from the drop in oil price.... And with populist policies of Ahmadinejad that has wasted billions of dollars on commodity spending, we'll have difficult days in Iran too.
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