Weather the Storm
To go or not to go to the Philippine Blog Awards tomorrow… yours truly is a sort-of-finalist in the “Best Personal Blog” category, where I won’t win anyway given the stiff competition (now just because I wrote “stiff” doesn’t mean that I’m responsible for the corruption of Filipino moral fiber). Anyway, I’ll just go there to see if I can get free stuff. One of the sponsors of PBA 2 (blog awards, not basketball conference) is Havaianas… which brings me to a rather interesting story… nah (i.e., if you’re from UP Baguio, you probably already know). But I won’t dwell on that.
The Warrior Lawyer (I have an “it’s-a-small-world-after-all” syndrome with Atty. Butch) has an interesting post about the panic of 2008, where he outlines some of the interesting signs of a global economic rupture… or Rapture… whichever comes first:
- The collapse of Lehman Brothers
- The sale of Merill Lynch to Bank of America
- The American International Group (parent company of PhilAm Life) being bailed out by the US Federal Reserve
- The rapid decline and sluggish recovery of the Philippine economy (just this week, the peso fell to a 16-month low against the US dollar, closing at P47.20 to the dollar)
- The global credit crunch, and the possibility of overseas Filipino workers’ remittances not being enough to cope with an international financial crisis.
If the President is to be believed, Filipinos are a lot like boxers… or drunkards in an English pub. In the words of Chumbawumba: “I get knocked down, but I get up again, you’re never gonna keep me down.”
News of crisis, especially economic crisis, can get very worrisome; for all intents and purposes of a doomsday prophecy, if the US continues its economic downward spiral and does not figure out a way to arrest it, the lot of us will be out of work. Yet it begs the question: are we seeing the collapse of the globalist imperialist-dominated economy?
Over at Tonyo Cruz’s blog, there’s an interesting statement written by the International League of Peoples’ Struggle (ILPS). Then again, as much as I’m “progressive” (I don’t like labels), I have to disagree with the prophecy of collapse. What we’re seeing and reading in the news right now, IMO, is the Great Depression 2.0 (some may say XP, but I’d rather call it Great Depression Vista). Accelerating economic deterioration? Yes, but like Filipinos, capitalism is a fighter.
I don’t subscribe to capitalism’s Facebook fan profile or its Friendster account (I don’t have Multiply), but capitalism is more robust and more adaptive than it was during Karl Marx’s time. To me, the response to the global financial crisis is a wake-up call to the failure of this capitalist model. I don’t know what changes will take place in the theory and practice of capitalism, but the current global (OK, maybe American) financial crisis is just a historical cycle. One day it’s down, the next day it’s up. We’ll never know.