Well where do i start this . Do i state that there is a fundamental issue with Capitalism? If i say yes, then we also have had issues with Communism in the past and China is having its own share of economic problems as well.
One thing is quite clear ,the whole financial landscape would never be the same once this is out of the way . Regulation of financial entities would be extremely stringet and i expect a fundamental shift in mindset of people .Rather than making a living based on credit ,i expect that focus would be on balancing the actual money earned ,savings and to a lesser extent on credit .I don't think the concept of credit is going to go away,its been with human kind since ages ,so don't expect it to just vanish .
What will certainly happen is that more and more people would put their money to best use and from what ever is being earned ,a lions share would be placed under the head "Savings" .
Whether the world is going to come out and just shift its focus to communism or is still capitalism robust enough to challenge communism ,only time will tell.Until then lets wait and bear the brunt of this crisis.
Could this crisis have been averted,well it's anybodys guess.
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