One issue that has been bugging me recently is the constant preaching by some economists in the media that the only solution for the current crisis lies in the relaxation of lending rules by the banks. But isn't this excessive lending which brought about this whole crisis in the first place?
Why do you want people to take more debt? So that they spend more than their means? So that the economies of their countries 'grow'? What kind of growth is this which increases the income divide in the society whereby the rich get richer & poor people get squeezed further? I really don't understant this whole growth model when all it does is make thing exhorbitantly expensive & out of reach of most people in the society, unless of course if they have enough bank loans & credit cards. Isn't this a modern form of slavery? The whole issue reminds me of the Pied Piper of Hamelin story taught to us in schools.
Is it really impossible to have an independent economic system, a system which has a minimum reliance on bank finance? Did all the great civilizations of the past achieve greatness with the help of bank finance? If the answer is no, why can't we implement a similar model today?
Enough dry talk, I know I am a boring person :-)
I know friends that it has been a long time since I last posted, but I am sure you would excuse me for my procrastination this time. I hear you ask, what's so special this time? Well, currently my life revolves around work, work & only work. And you know what, I work 7 days a week. I guess now you guys got the full picture. The only spare time I get is 'gratefully' spent in dreamland, but you know what, even dreams are also themed around work these days :-D
I guess enough blabbering. A big thank you to all the friends who missed my posts. May all your days be filled with happiness. And the rest of you who did not miss them, you know what, no comments :-D
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9 comments:
lool dude we miss them even i don't comment often,..
sometimes i don't understand some economic phrases wayed =D
i remeber someone told me that whoever got a salary less than 15,000 Dhs can't live in Dubai
Is that true??
:)
Do you by any chance work in advertising, atleast in one of those that survived this recession? Coz only they're working 24/7 these days. I'd know :p
Yeah the whole response to the financial crisis as bemused me. Borrow more money and buy more stuff! Every year economies must GROW, they cannot sit still and consolidate.
I own nothing and am almost penniless, so nothing new here, I didnt even realise there was a crisis.
7 days a week of work is nuts! I hope you get a good holiday at the end of it all.
As-salaamu'alaykum wa Rahmatu Llahi wa Barakatuhu DG,
I don't know if you do tags.. I've tagged you :P
http://sketchedsoul.blogspot.com/2009/05/im-it.html
It's up to you if you'd like to do it.
Hope all is well at your end.
Wa'alaykum as-salaam
Farhana
I feel for you working like that Dubai Guy. I hope you can get an 8-5 job soon, because it is so hard. To this day my husband works 20 hours a day, 7 days a week. It makes for an unhappy life.
The economy is a disaster here in the U.S. We're still borrowing from China, and sinking under the weight of interest on cc's. Sad.
Hi DG
As a muslim, debt is a serious issue. So I pay my debts quickly & avoid debt as best as I can. Alhamdulillah, it's very nice to live debt free.
Someone asks, why would banks promote to lend you money. If I have money, will I promote people to borrow mine? Is there a business of making money out of money going on? Isn't that riba (usury)? As a muslim, riba invites war with God - it's very serious.
Anyway, I always wondered if you're emirati or expat. Relax & wish you happiness, God Bless.
Salaam, DG, haven't been here in a while. The worldwide recession IS SCARY, but Alhamdulillah, I work in a field where the demand increases every year: education. Many of my friends have been laid off recently, and so even when the pay is ridiculously low, I am thankful I still have work.
Debt isn't going to solve anything when a country's woes are deeper than skin-deep. National debt shouldn't be the government's concern. only, it should also be the citizens' concern too.
Angry much? You have a reason to be though, I fully agree. The way we borrow and spend money we don't have is insane. I hate how the government relies on borrowing debt to save debt. honestly? who do they think they're fooling.
Great post!
Peace
DubaiGuy pls be happy.
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