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Tennessee media change of note
Posted By katie allison granju
Liz Garrigan, Nashville Scene editor is moving on to new pursuits.
May 7th, 2008
In 2008, a global economic crisis was suggested by several important indicators of economic downturn worldwide. These included high oil prices, which led to both high food prices (due to a dependence of food production on petroleum, as well as using food as an alternative to petroleum) and global inflation; a substantial credit crisis leading to the bankruptcy of large and well established investment banks as well as commercial banks in various nations around the world; increased unemployment; and the possibility of a global recession.America’s collective brow is furrowed over the current economic crisis that careless mortgage lending has brought on. But did you know that Americans are not the only people who are impacted on a daily basis by plummeting dollars and good sense? The International Herald Tribune shows us that the worldwide credit crunch is very real in Europe, too. Small businesses like Dominique Boudier’s printing company, outside of Paris, depend upon credit with its suppliers in order to function, and her creditors are cutting back their offerings by half. This is by mandate of the suppliers’ credit insurance companies. Considering a typical 60-day lag time in which clients pay, Boudier’s business needs added cash flow to make up for this major shortfall. As her own bank’s hands are tied, she fears the worst. Her bank, like many others across Europe, began to put their money to sleep with the European Central Bank instead of investing it back into other banks and the economy as a whole. When banks began to fail and liquidity was disrupted, credit began to dry up. Much like America’s Federal Reserve Bank, the European Central Bank uses a mechanism based on the ability to create as much fiat money as required. Fiat-money currency, which is effectively credit money, loses value once government refuses to further guarantee its value. During this world credit crunch, we see this in high inflation rates. Many believe stronger private banking systems that make responsible decisions can solve this problem. Until that happens, payday advance loans will inevitably be easier to come by for consumers who need immediate short-term help and cannot wait on a faltering central banking system.
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