Rich’s World Financial Meltdown

Today, tri-media reports include stories regarding the so called financial crisis. The world is in deep trouble. The world is in crisis financially.

Many Filipinos ask, who said we are in crisis?

That is according to financial think tanks. That is according to the financial savvy people who understand the intricacies of the world of cash flows.  That is according to the rich countries of this material world.

G20, an organization of the rich countries, had an emergency meeting to urgently address the monstrous financial crisis they said. USA poured millions of dollars coined as stimulus fund to save the economy of America from continually sinking. Said crisis will eventually affect the growth of the developing countries that are mostly dependent on exports; countries that derive most of their income from buyers of these rich nations.

The next question ordinary people ask is, who and what cause this crisis?

Greed of rich nations is the simplest answer to that question. Because of their selfish interest, they have created this financial monster haunting every nation particularly those that are striving to be self-sufficient.

For the affluent, there is crisis. There is crisis because some of their bonuses can’t be granted. There is crisis because their savings invested in money market or stocks are going the drain. There is crisis because their free vacations in the Caribbean and beautiful places in the world are gone or minimized. There is crisis because they can’t buy additional car to add to a dozen one in their garage. And the list goes on.

For middle class Filipinos, there is crisis if their jobs are in peril because the multi-national company where they worked is cutting down their operations. There is crisis because the export company where they are employed has no orders from the extravagant spending nations. There is crisis because their OFW relatives return home after their employers can no longer afford more luxury. Else, there is no crisis.

There is no crisis because middle class savings are not in money market; they are in time and savings deposits. There is no crisis because, after all, a vacation in Boracay, Bohol, etc. are already luxury to middle class people. They are not their way of life.

For ordinary Filipino people, there is no crisis because their lives do not depend on househelp; their lives don’t depend on changes of stock markets. There is no crisis because they still have food in their table. Some still have two meals in a day similar to three or four decades ago.

Ask a fellow who resides in the countryside in the Philippines if there is financial crisis and you’ll be amazed with their answers. They didn’t even knew or even care. It’s not because they are already immune to poverty. It’s because crisis only spells between the thin line of food and no food in the table. If they don’t have food, then there is crisis.

They even argue that life was miserable three or four decades ago when there were no road, public transport and access to modern conveniences is very limited. Today, they have mobile phones, tv sets, potable water, electricity, etc. These are what matter to them.

From the ordinary person point of view, this financial crisis is only a question of lifestyle. Filipinos have live and will continue to live even how many crises the affluent will create. The affluent - the Americans, the Europeans, etc – should learn from the Filipinos on how to live simply and happily. The ordinary citizens impliedly don’t depend on the few affluent and rich; they often become prey to the greed of the latter. But a help from the affluent few for them to rise above poverty is great.