The Credit Crunch and Recession is sparking protests and riots all over the world - from Iceland to China, and I guess you can say I've been waiting for this to happen; because when you think about it, how could it be staved off in the wake of economic melt-down. The mainstream media in the U.S. gives relatively little or no coverage to these events. For example: On January 23, 2009, the Prime Minister of Iceland, Geir Haarde resigned from office following several months of protests over the banking collapse and credit squeeze. You can see more about Iceland's economic fallout HERE Economic related rioting is also increasing in Eastern Europe. In particular, Latvia has seen some extremely violent rioting. Rioting has also been seen in Greece, Bulgaria and Lithuania.
There is a great deal of unrest in China, as the recession in the United States and Europe is drastically reducing demand for factory produced goods made there. In particular, the city of Guangdong, has seen large scale rioting by recently unemployed factory workers who were left desperate and destitute after factory closures. Most economists agree that China requires a minimum of 8% economic growth just to provide enough jobs to keep pace with the huge numbers of new people entering the workforce due to population growth. Recently, the growth rate dipped to 6.8% and projections indicate that it may decline to 5% which indicates severe economic problems and increased social upheaval. What will 2009 look like as the effects of the banking collapse, credit crunch and ensuing recession (or economic depression) propagate throughout communities in the world?
Sometimes I have a feeling...that America is next.
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