Another global financial meltdown is in the offing and this time the crisis that it would unfold would be worse than the one witnessed in the ‘Great Meltdown’ that shook the United States of America in 2008, all-India secretary of Centre of Indian Trade Unions (CITU) Swadesh Debroy cautioned.
“The indications of an impending financial meltdown are already being seen this time in Europe. One of the most aggressive nations Germany has been already experiencing it. A famous bank in that country has recorded $ 70 trillion bad debts. Financial magazine Economist described this as another catastrophe in the world,” said Mr. Debroy said addressing the inaugural session of the second three-day State convention of CITU, that began here on Friday. The convention began after hoisting the organisation flag at the venue — Parsa Satyanarayana Nagar. The programme was presided over CITU state secretary Chukka Ramulu.
Mr Debroy said India cannot be a mute spectator to the events unfolding in the neighbourhood, particularly in Asia–Pacific. “The globalisation has adversely hit the working class not only in developing countries, but also in the developed countries. The wages of working class in developed countries have been coming down,” he said, adding that those who welcomed globalisation with its initial results are now repenting. He said that the science and technology which gave birth to the working class has becoming a hindrance for their progress and called upon the workers to fight the exploitative system.
