Check out this article in todays Business section of www.washingtonpost.com about DR's economic crisis.
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- Thread starter Don Juan
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Great article in Washington post
That was a good article
Don Juan. The only comment that I have is that it didn't go far enough in it's analysis of the Mejia Administration's irresponsibility, unmitigated stupidity and outright total disregard for the consequencies of it's overall lack of integrity and statesmanship in handling the Banking crisis and subsequent run-away borrowing, further indebting the nation.
If the people are the least bit wise, they will make very certain that such a scenario is NEVER again able to be repeated.
Texas Bill
Don Juan. The only comment that I have is that it didn't go far enough in it's analysis of the Mejia Administration's irresponsibility, unmitigated stupidity and outright total disregard for the consequencies of it's overall lack of integrity and statesmanship in handling the Banking crisis and subsequent run-away borrowing, further indebting the nation.
If the people are the least bit wise, they will make very certain that such a scenario is NEVER again able to be repeated.
Texas Bill
Not very in-depth indeed
You said it all Texas Bill. This article blames it on the banking failure rather than where it belongs, namely: moronic,imbecile,blockhead,irresponsible,unreliable,irrational,idiotic,unscrupulous,inept,unfit,incapable, incompetent,air head, and corrupt to the bone Hippo Maldito. May your fridge never chill!
You said it all Texas Bill. This article blames it on the banking failure rather than where it belongs, namely: moronic,imbecile,blockhead,irresponsible,unreliable,irrational,idiotic,unscrupulous,inept,unfit,incapable, incompetent,air head, and corrupt to the bone Hippo Maldito. May your fridge never chill!
The sad and ironic thing is that Mejia saved the country's elite on the backs of the poor people. Think of this: when you run inflation to save deposits, the ones paying the greater price are the poor. Inflation is a tax on the poor, as they have no option but to spend whatever little money they have. The rich found ways to send their pesos out of the country. I hope the poor remember that the PRD, the "champions of the poor" basically finished them off. This crises will get much worst before it gets better. Severe adjustments are needed. The rich will have to fork-out a greater share of their wealth for the good of the country, and Fernandez will have to find a way to do it. Is about time that the elite in the Dominican Republic stop living its "financial fantasy," as if they were in Pacific Palisades, Ca. The Dominican Republic is a poor country, and is obscene that you have people carrying themselves out as if they were billionaires.
DCfred said:
DCfred is back! Been ages since I've seen you post. Hey, bud, why don't you ever answer your PM's or e-mail? Or come to the DR1 BBQ we had at my house in Alexandria a couple of weeks ago? :cheeky:
I think we have hit rock bottom already. Anything lower than this is official bankruptcy and a failed state. Also, there are subtle signs that the economy is starting to recover. These signs have been coming since late last year, but in the last few weeks have began to pick up pace.
The current recovery process is being due to the Severe adjustments being put in place.
Not trying to create controversy, but if the Dominican elite picks up its bag and moves to Bal Harbor, Florida, would that justify their high class lifestyles for you.
Also, is it justifiable that not only people are eating in posh restaurants in Santo Domingo while down the road people are starving? In a greater perspective, does distance makes a difference?
Affluent Americans and Europeans living in virtual luxury while much of the world lives in misery. Just because they live in areas where the misery is not as pronounce and is always quickly forgotten, doesn't makes them immune to the fact that they should care more of the world's poor rather than living in the "financial fantasy" of the first world.
A third world country like the DR is nothing more than a microcosm of the bigger global picture. In the DR a small minority enjoys wealth while the majority is in poverty. Our planet as a whole, less than 10% of the global population lives in prosperity, while the other 90% lives in misery. Is that fair at all levels?
Is it fair within a country's border?
Is it fair as a global community?
Again, not trying to spark controversy, but the attitude the rich dominicans have to society is the same attitude being played by the rich countries upon the poor. They say, its the poor's fault that they are poor.
The rich countries say the poor countries are poor because of corruption and that rich countries have nothing to do with their impoverishment.
Rich Dominicans say the poor masses are poor because that sector of the population is having babies as if it was a human creating factory, exascerbating and expanding the poverty levels in percentage of the population. The rich Dominicans are not responsible for the population explosion of the poor.
Anybody can see a correlation between rich/poor attitudes among rich/poor countries and sectors of populations in individual countries.
This is human nature at its most purest capitalistic form. Nothing more, nothing less. I'm not trying to justify this problem, just making it clear that if the bigger picture (the global one) doesn't change anytime soon, don't expect the little guys to do it either.
Our planet is a poor planet and it is obscene that there are people carrying themselves as God's because they got such a huge piece of the money supply pie.
I'm not very accurate on the following, but its to give you an idea. I heard once that the 100 richest people of the world are worth more than the 1 billion poorest people of the world.
The DR is simply a magnifying glass of the global inequalities and the attitudes that support such thing. The only time such thing will end on a country basis is when the world's richest countries share their wealth with the world's poorest countries. In other words, the world richest people share their wealth with the world's poorest people. Once that is displayed on a country to country basis, then it will probably become morally accepted to do the same within a given society between the elites and the masses.
Again, I'm not trying to create battling sparks here. So please, respond in kind to keep this thread healthy and interesting and to express our ideas on this issue with much more clarity, thank you in advance.
Those are my two cents in this.
NalOws---
Have you extrapolated what the value, in currency, is for the entire world?
Have you determined just how much wealth resides in the "richest" segment of the world's society?
We're not speaking of 'credit value', but of actual cash.
If ALL that cash were evenly distributed amoungst the world population, each person would receive in the neighborhood of $100.00. That surprise you??
Maybe my calculations are not exactly correct, but the point is this...
The leveling of the world's wealth, in cash, would be completely insignificant in the final analysis as a solution to world poverty. All it would do is place EVERYONE at the poverty level and wouldn't solve a blank thing.
BTW, it took Marx an entire book to say just what you did. Then Lenin took several more.
Texas Bill
Have you extrapolated what the value, in currency, is for the entire world?
Have you determined just how much wealth resides in the "richest" segment of the world's society?
We're not speaking of 'credit value', but of actual cash.
If ALL that cash were evenly distributed amoungst the world population, each person would receive in the neighborhood of $100.00. That surprise you??
Maybe my calculations are not exactly correct, but the point is this...
The leveling of the world's wealth, in cash, would be completely insignificant in the final analysis as a solution to world poverty. All it would do is place EVERYONE at the poverty level and wouldn't solve a blank thing.
BTW, it took Marx an entire book to say just what you did. Then Lenin took several more.
Texas Bill
Texas Bill said:
TBill, I'm aware of that. However, the current plan is not working as we can see, so...
BTW, I was not suggesting a leveling off of the world's wealth, just sharing it a bit more and for the rich world to plant seeds in the poor world so that the poor world can navegate itself into prosperity, rather than becoming a litch to the first world thirst of ever cheaper labor, etc. etc. etc.
My point for my previous post was simply to broaden the issue. This inequality deal and its attitudes among society is not unique to the DR and it was not invented by the DR either. It's something that is being practiced by everyone once you put it in a global perspective.
Just thinking out of the box for a moment, that's all.
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NalOws---
You will NEVER be able to get the 'rich' people, or countries for that matter, to voluntarily redistribute their wealth to the poorer ones of this world!
That song has been hummed for the last 150 or so years and has been off-tune during the whole time. That fish just won't bite.
Put a different way, will you share your wealth with your Dominican brethren?? I truly think not! Humans just aren't built that way nor supplied with a sufficient amount of altruism for the idea to work! It goes against the 'survival' drive endemic to the human pshche.
Texas Bill
You will NEVER be able to get the 'rich' people, or countries for that matter, to voluntarily redistribute their wealth to the poorer ones of this world!
That song has been hummed for the last 150 or so years and has been off-tune during the whole time. That fish just won't bite.
Put a different way, will you share your wealth with your Dominican brethren?? I truly think not! Humans just aren't built that way nor supplied with a sufficient amount of altruism for the idea to work! It goes against the 'survival' drive endemic to the human pshche.
Texas Bill