BUDAPEST -- The nature of the universe is diverse and hard to understand. Still, it is a piece of cake compared to the nature of the global economy.
People who have not read Keynes and Greenspan would believe the free market economy follows a few basic rules that are easy to explain. Yeah, even I (with a modest law degree) can explain them. But explaining is much easier than understanding. The way I'm looking at it, the market economy still works and regulates itself without the help or intervention of the state, God or the Union of the Rich.
Unfortunately, the institutions of huge banks, omnipotent stock exchanges and enormous hedge funds work against the natural rules of the free market economy. Asl they rule over much bigger bodies of money than any Administration, they can turn everything upside down.
In my opinion, the poorer and richer countries in the world will be hit the least. A rich man's household has enough reserve. A beggar cannot lose much. It may sound cynical, but it still can be true. Seemingly, then, the "middle class" of the nations are the outstanding losers of the current situation -- the countries that hoped to emerge from the middle of the crowd toward the forth, third rows. Accordingly, I am convinced that Eastern Europe is the region that could lose its stability -- if it had any of such thing. Naturally, everyone is worried that his region will sink, and his family will hurt the must. And, still, please, believe me, I would have the same opinion even if I were Chinese or Filipino.
Here are some kind suggestions for the governments in Eastern Europe. One, they should find a way to co-operate with every power of the opposition to work together. Two, they should find a way to work together with the governments of the neighboring countries and of Western Europe, including the EU Administration. Three, they should help their citizens at least as much as they are ready to bail out their banks and other financial institutions.
Here is a bonus idea. Each politician and party should be much more patient than they used to be. Every cloud has a silver lining, and every depression has an ending. It is true that in the meantime elections should totally change any given government, but nobody has ever said that the job of a Minister, a Prime Minister or a President could last forever.
If it is true that the richer and poorer countries are relatively less endangered, then two other conclusions concerning those countries are obvious.
One, you cannot expect help from the poor and needy. They need help. Even if their problem is not the global recession -- surely, the citizens of a poor African nation are less worried about the low prices of real estate or the fall of their Dow Jones than are their richer counterparts -- their problem is starvation.
So, it is only the richest nations and the richest people in the world who should try to help all rest of the world. Compassion is nice, but some fast financial help would be more appreciated by peoples living on the same globe.