There is need for trans-national political mobilization in favour of more equitable systems, says Rajni Bakshi.
Euro Zone is reeling under a debt crisis, USA is downgraded and world leaders are losing sleep over their attempts to find ways to beat slowdown.
With the downgrade there is a danger that investors who hold these financial securities may sell out. Of course, the level of selling will depend on the way the investors react to this downgrade.
India's gross public debt to GDP ratio fell from 75.8 per cent to 66.2 per cent.
All the newspapers and business news channels on Monday morning told us that the world is now going to change again. But these very guys had no clue till a few days back, and were gung ho about the Indian economy, the Sensex and pretty much everything else.
This could lead to an unprecedented bloodbath in the global financial markets.
For now, dollar can reign but BRIC nations have decided to address the issue at the 2010 Brazil summit.
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