The alarm bell has rung. Global financial market is about to melt. Big player Lehman Brothers is going down in US. On Monday Lehman Brothers, one of the world’s biggest investment banks, went out of order with debts of $613 billion. And other institutions and markets around the world are falling from the sky. Some note this fall as the worst moment since the Crash of 1929.
According to Reuters, “Lehman fallout threatens global recession”. The global financial crisis is at the tipping point, and citizens everywhere must raise their voice for action in the public interest. This madness of the financial market has threatened as well as alarmed insecurity of jobs, savings, pensions and public services of millions. This crisis could be cumulative in nature and eventually risks triggering a global downward spiral impact. And if this happens, it will hurt the world’s poor most. It will also distract us in such a way that we will not be able to care other issues that we usually care about.
From floor cleaner to top executives’ lives depend on the ups and downs of the market. From exhausted street vendors to penniless retired people, from war affected refugees to hungry children in the food camps of Asia and Africa, from corrupt government officials to voiceless citizens; all are linked to the impact of global financial melt down. Thus, global recession could paralyze the government and nations. And poor country alike Bangladesh could experience the worst impact of it. Therefore, poor and vulnerable nations irrespective borders as well as transnational civil society actors need to put their nose into the complicated financial market mechanism for the sake of their own existence…
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