For once the West feels some fear

The current global financial crisis has been dominating the news for at least the past three weeks and seems to show no sign of stopping soon as worried world leaders, corporations and even countries try to come to grips with it. The impact of this crisis on people is certainly tremendous in terms of causing bankruptcies, layoffs, trade reduction, recession fears and credit shortages all over the world. But what makes this crisis especially striking, and in non-financial terms, is that for possibly the first time in recent history, many people living in the developed or “First” world such as the U.S., Canada and Western Europe are truly experiencing or fearing a crisis in their daily lives. While all over the world, people suffer from truly devastating and horrendous conflicts and civil wars, famines, poverty and social instability, the Developed world aka North America, Japan, Australia and Western Europe have been living a  rather easy existence where for most, none of their problems concerns necessities like food, housing or running water.

While obviously the suffering of the developing world still far outweighs those felt in the developing world brought on by the financial crisis (hunger and lack of toilets are worse than falling stock portfolio and lost investments), the onset of this financial crisis has caused a great number to actually fear for their daily lives and livelihoods. Maybe I’m reading too much into this crisis but I definitely have a solid feeling about the parallel.