The loss of America's AAA credit score has sparked panicked sell-offs on global markets. Ratings giants have so far confirmed France's highest status, but investors remain unconvinced its finances are solid enough. Financial journalist Demitri Kofinas says it's not just the banks, but whole countries which are now struggling to make ends meet, with more public unrest on the cards.
Faces from the Great Crash of 1929 and its aftermath are haunting the 21st century. Wall Street brokers fleeing the trading floor in panic, or putting their cars on sale because they are suddenly broke, appear in old black-and-white photographs beside analyses of the current state of the markets composed by sombre authorities. Not only the collapse of confidence that shattered investors 82 years ago but the long years of misery that followed now seem to call out to us, to warn us, to show us a truth that is urgent and immediate. Can this really be so? Can that nightmare history be repeating itself?
According to the U.N. Food and Agriculture Organization, there is enough food produced to provide everyone in the world with 2,720 kilocalories per person per day. And that's even after America disposes of thousands of tons of crop and dairy just to keep market prices high. Meanwhile, American banks overloaded with foreclosed properties are demolishing vacant dwellings to get the empty houses off their books.
Our problem is not that we don't have enough stuff -- it's that we don't have enough ways for people to work and prove that they deserve this stuff.