An impending economic crash

The impending disintegration of the U.S. economy, triggered initially by wild oil price speculation, has adversely affected the financial sector, housing and airline industries and other key sectors of a once robust national economy. The domino effect has adversely affected every corner of our country and the entire global village, too.

The CNMI isn’t spared of the impending national economic implosion. We can see how it has ruined the livelihood of our people. The significant reduction in consumers’ purchasing power has sent every knee buckling for answers, any answer! But there doesn’t seem to be any other than soul-searching debate on how to approach realistic resolution of these issues. Let’s hope a genius emerges somewhere who could offer answers and solutions to this mess.

The last-minute scramble to allow offshore oil drilling in nearby coasts is an eleventh hour remedy. Even if we burn the midnight oil, the ravages of constantly escalating prices of fossil fuel will hit close to home where we least want it—family pocketbooks!

With a 70-percent reliance on foreign oil, there’s less hope up that alley or the notion that we can secure more of it. The news media is replete with analysis that the oil producing countries have become battlegrounds between our troops and the combined insurgency of al-Qaida and Taliban.

This was preceded by oil producing countries nationalizing oil companies that effectively eliminated US oil firms. This is further exacerbated by US policy to funnel billions of dollars to corrupt Central Asian leadership. We neglected the cry of displaced citizenry for help in the reconstruction of their war ravaged economies and the establishment of democratic institutions.

The al-Qaida and Taliban were given the opportunity to fill this vacuum, a vacuum we will never fill and restore. This negligence encouraged and emboldened citizenry to build up anti-US sentiment. This would definitely mushroom into a vicious non-conventional war throughout this century.

Perhaps the one single most unsettling effect of this global phenomenon—other than the reduction of consumers’ purchasing power—is the loss of first family homes right here in paradise. Quite a number of them are being auctioned as adversely affected families ponder their next dwelling. This would force many siblings to return to mom’s familiar kitchen and living rooms. It would be a crowded condition in the old house, slamming hardship for the old guards who thought they could live happily ever after.

Across the country, fellow citizens look toward our national leadership for answers. Several million of them will lose their only family house if no infusion of funds is given Fannie Mae and Freddy Mack. Coupled by the pile of increases on food, and gasoline, these really don’t leave average consumers in any breathing room to plan daily expenses. Imagine the desperate situation of single-family income earners. This isn’t any festive environment either but a nightmare to contend with daily. It’s one time in our history when cringing becomes a norm.

Imagine the troubling thought of how families who support their children in colleges and universities abroad are wrestling with this nightmare. The bleak condition will continue heading Deep South before things get any better. It’s troubling all around: airlines cutting out routes to stave off the price of fuel, companies cutting staff by the thousands to cut cost or simply trying to avert the impending increase in federal minimum wage. Otherwise, the cost of goods and services would take an upward spiral.

Even in small towns throughout the country, family restaurants that have served their communities well for decades would have to increase traditional dishes of roast beef, potato, salad and iced tea. This monstrosity has permeated into family businesses everywhere and equally compromised their prospects to staying around for several more decades. That would be quite sad, right?

These setbacks are now endemic throughout the global village. If you see a friend scratching his head or cringing as he peeps at his gas gauge, or headed to the farm with the longest frown on his face, turn the other way for it is the same all over this archipelago too. Even the encouragement not to give up when it’s hardest turns fatally suspect. But in my mind, there’s a faintly lighted candle at the end of the tunnel. I’m headed that way to see if I could fan it into a towering inferno of hope.