Meltdown Postmortem

Lot of analysis and discussions are going on across the internet and media about the current meltdown, the way out of it. Lots of conspiracy theories have popped up and quite a lot of economists have discussed opposing theories. Check out the two videos below for example:

I personally believe there is too much simplification of the issue in most media discussions. What is happening is not a result of simple economic theories, nor the result of pure political manipulation at the international level.

There is too much of a mix of US domestic policies vs. US and Europe's international economic policies and India-China's sudden rise and emergence as global "cheap" goods and services destinations (and resulting loss of low value jobs in the developed economies).

Add the large scale immigration of Africans to Europe, Mexicans to US (Indian immigration to US is mostly skilled jobs and far too less in no to become a factor though), and thus the loss of low value jobs for natives in these geographies.

So, I dont think only economists can answer the questions - it actually needs a whole big debate between political commentators, economists, social researchers, and the debate needs a lot of data crunching supported by mathematicians of megalomaniac calibre. And probably huge supercomputers to validate the resulting models ...

I believe mankind is still far from the situation where we can really build a model for what had happened.
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