Oil prices are going up, driving all other prices up. Manufacturing industries face increasing costs of production because of their energy consumption and transportation of goods. In order to sustain their profit margin, these industries are forced to lower the costs of other factors of production like labour resulting in unemployment. Families face increasing prices on the shelves as producers increase their prices to match the increasing costs. With economic stagnation and inflation put together, we are currently facing what economists term as stagflation.
That is not the worst yet. Usually when we have a problem, the state is able to implement policies to hopefully change the situation around. For stagflation, however, it is hard to eradicate once it gets started. In fact, when the state or central banks start to intervene with their policies, they are most likely to worsen the problem. Moreover, we all know the global economic climate now due to collaterised debt obligation and credit default swap leading to a financial meltdown of the global economy. In other words, we are possibly heading towards a depression.
Could this situation get any worse? Yes. We also have at hand a sick planet. With weather effects such as El Niño and La Niña being affected by global warming, glaciers melting faster than before causing rising sea levels, we are facing an impending doomsday. Of course, majority of people are unaware of the global climate and even if they are, nobody gives a hoot about it because they probably think it does not affect them so why bother. Tripled with these are the social problems which we have discussed in our previous lessons. It almost seems like we are living in a hopeless situation and there is nothing that can be done to prevent all of us from falling off the cliff.
The keyword in that sentence is “seems”. We also have at this present age, the best minds, the best technology, the best infrastructure, basically, almost the best of everything. I believe that if we were to put all of these together, we would be able to go against these odds. How is it possible that we are able to solve the most complex of problems and yet leave out the most important ones of this age?
Another thing that would see us rise up again is the community – the people. We have been competing for the longest time – competition for jobs, competition for promotions, competition for survival, etc. Why not, instead of competition, cooperation? I feel that competition mostly only leads to exclusion of a person or a community or a country or a region. We have to start to recognise that we need each other rather than pushing each other off the ladder to get to the top first.
In conclusion, we may have almost the best of everything in our present age. I feel that the thing that is lacking to combine all of these together is the best of hearts. The best is yet to be.