corruption crisis economic. financial News, information, issues, discussions, solutions. News, information, issues, discussions, solutions.



In my opinion the biggest reason behind the global misery and problematic issues is rampant, extremely deep and worldwide corruption. No part, region, country, area and class is exempt from it. Only differences, lie in the forms and intensity of corruption. This global corruption mainly causes a serious waste and dumping of scarce and precious resources. Whether it is at individual level, government level or corporate level, it helps resourceful, rich and well-off people to snatch away the rights from already deprived and poor people. In many developing and under developed countries, with very little opportunities and resources available, people may be denied with the most basic rights like to pay a utility bill or get a utility connection or to get a business license or to file a police report for a crime committed against them or even an insurance claim, just because they cannot pay or do not want to pay bribes. Tax evasion in these poor countries is at the peak and almost nobody, except the salaried people, pay taxes, mainly because the people who are supposed to collect taxes are only interested in collecting their commissions. The limited amount of taxes and tariffs that is collected, is mostly wasted in inefficiency and corruption. This causes huge drain on already weak economies and makes citizens deprived of basic amenities, for which any nation and any country depends on taxes, including, law and order. Governments all over the world are corrupt, with literally no exemption, but particularly, in most poor and under developed countries, the situation is worse. These government are mostly puppets in the hands of powerful foreign governments and multi-national corporations. They frequently sell away the vital interests of their countries to the largest bidder. Every year, billions of dollars are paid in bribes, by multi-national corporation to these government officials. These bribes are mostly paid in cash to buy the contracts. These cost of these bribes is than recovered by compromising the quality of contract related work, services and material. The corrupt governments just keep their eyes closed, in return.  Similarly, the billions of dollars are spent every year on so called legal form of bribery, lobbying. The lobbying money is mostly spent on buying the legislatures. These sold out law makers than make sure that the laws are providing a complete and free leeway to their friends in big corporations and literally no one is able to stop them in fulfilling their endeavors. Even if there is an honest person there, once in a while, they make sure that he is useless, helpless and hopeless.  This global stronghold of corporations over the governments worldwide became even more evident during current financial crisis. I mean, it is unbelievable that, how a handful of corporations brought global financial system down, and messed up the world economy. In addition to this, they did not just got away with it, but paradoxically, they got trillions of dollars in rewards, with bailout-out and rescue monies, paid by very victims of this crisis, the tax payers. That is how strong the lobbies and hold of these corporations over governments and legal systems is. As a matter of fact, this was a great opportunity to get rid of these corrupt corporation and to replace them with smaller and fair playing businesses. But, this opportunity got thwarted by big corporations, which used tax payer owned bailout and rescue money to kill and buy-out their smaller, honest competitors. This is exactly how the previous financial systems came down. They all created an elite class, which survived on blood and sweat of masses. Capitalism was meant to build a strong and large middle class. It’s initial success was due to the fact that it did built a middle class that was unprecedented in size and wealth it owned. This middle class bridged the gap between upper and lower classes, and it was literally possible for any one to make it to the middle class with hard work. This provided a great hope to all suppressed masses around the world. But, now, when the capitalists are turning into just another privileged, elite class, the high hopes with Capitalism are vanishing into thin air and people are getting more and more frustrated. This is because these high hopes of making it out of misery and poverty are being met with serious disappointment.  If we want to maintain peace, tranquility and stability than, we must bring back this lost hope. We should restore the fairness and equality in our financial and economic systems. Otherwise, as per Marx, just another story of thesis and anti-thesis will be repeated, that has always led to struggle, conflict, civil wars and revolutions.  Unfortunately, the sold out politicians and media are still not getting this point. It looks like they are either idiots or have nothing like patriotism, empathy, fairness and justice for all, in their minds, hearts and beliefs. They are only interested in making their own lives better, with the lobbying and advertising money flowing into their bank accounts. They are still defending tax cuts for the wealthiest, which are going to cost billions of dollars to an already heavily indebted economy, for nothing. They just want to fill in their already over-flowing pockets. They are still resisting critical measures like, benefits for unemployed, tax cuts for small businesses and help for the people directly affected by this crisis. They are really a party of no. It is totally incomprehensible to me that, how does a party that has always stood up for tax cuts, is opposing presidents tax cut plan? How and why the tax cuts for the wealthiest are better than tax cuts for people who desperately need those, now.  The argument in the favor of tax cuts for wealthiest is that money from these tax cuts will be invested in job creation and hence will benefit all Americans, particularly when unemployment is so high. I wish this was true. But, don’t they understand that investment is always directed by potential profits and how can you expect an increase in profits and hence investments when the buying power of an average consumer is seriously stripped down due to high unemployment and flattened, even reduced incomes. The only way to improve the business investment and it’s outcome and prospects is by putting money in the pockets of an average buyer, so that an average buyer can spend more on products and services he or she needs or wants. After all, why the investment conditions in poor countries are considered bad? It is because they do not have enough buyers with significant buying power. Why wall street and other stock markets in developed countries attract way more investment, compared to stock markets in Africa or other poor countries? Simply because, businesses in developed countries are more likely to sell any given product or service, compared to businesses in poor countries, since the consumers in developed countries are believed to have more buying power, compared to the consumers in poor and weak economies. A very obvious and easily understandable situation and condition, if you want to or need to understand. 

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Navaid I. Syed is the owner and CEO of / ExcitingAds! Inc. He is a medical doctor and was born in Mirpurkhas, Sind, Pakistan, on July 31, 1964. He graduated from Liaquat University of Medical and Health Sciences, Jamshoro, Sind, Pakistan, in 1990. He is Educational Commission for Foreign Medical Graduates, Philadelphia, PA, USA, certified.

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