Americans Are Protesting: Corruption, Soaring Food Prices and Unemployment
by Washington’s Blog
October 3, 2011
Corruption, Soaring Food Prices and Unemployment
As I documented in February, soaring food prices, corruption and youth unemployment are leading causes of the “Arab Spring” of unrest in the Middle East.
And I’ve repeatedly pointed out that it is a global – not Arab – revolution:
The worldwide riots are not mysterious or unforeseeable. They’ve been predicted for years, and are a direct result of the bad policy choices made by most nations worldwide.
Nations around the world decided to bail out their big banks instead of taking the necessary steps to stabilize their economies …. As such, they all transferred massive debts (from fraudulent and stupid gambling activities) from the balance sheets of the banks to the balance sheets of the country.
The nations have then run their printing presses nonstop in an effort to inflate their way out of their debt crises, even though that effort is doomed to failure from the get-go.
Quantitative easing by the Federal Reserve is obviously causing food prices to skyrocket worldwide (and see this, this and this).
But the fact is that every country in the world that can print money … has been printing massive quantities of money.
Moreover, the austerity measures which governments worldwide are imposing to try to plug their gaping deficits (created by throwing trillions at their banks) are causing people world-wide to push back.
As I warned in February 2009 and again in December of that year:
Numerous high-level officials and experts warn that the economic crisis could lead to unrest world-wide – even in developed countries ….
Unemployment is soaring globally – especially among youth.
And the sense of outrage at the injustice of the rich getting richer while the poor get poorer is also a growing global trend.