..The Ongoing Economic Crisis...

As a 18 years old person living in Turkey, myself i really have an idea about what an economic crisis means and how it affects people s life in general...That what kind of a turmoil it leads, what kind of an affect it has upon people both socially and physicologicly...As for the economic crisis broke out in the USA recently, it is a little different than the one in 1999 because this time it s global and can chang the understanding and basis of the economy in the meaning we all have known to great extents.
Lets talk about the real reason for this turmoil in economy; basically the crisis started with the subprime mortgage crisis in the USA ; the crisis erupted because of shortcomings and flaws in the US mortgage system.Till now there has been lots of negative effects of it on many parts of the world and it has spread to the east Europe causing turmoil in the structure. As well as the negative outcomings of this crisis in general currencies of the countries, it has also led to lots of conroversies arying from the claim that this crisis may become an intentional action of the USA for fighting with Russia in the field of nomination the world to the belief that it may be the end of capitalism. These days in the USA people are concerned with voting for the next president of their country and they ll also make it clear if this crisis can be solved and if it is the death of capitalism because the two nominatees have different point of view on this topic; McCain believs that this crisis can be solved by protecting the big componies and subsiding them althought Obama believes in the importance of the high welfare of the people in general ; not just the big companies he considers the middle class as the solution. We can be able to guess what kind of a solution ll be put into practice only when the president of the USA is clear. This election is importand not only for the future of Usa itself; it is going to shape the course of events along the side of Turkey. Till now there has been incredible rise in the value of US dolar in Turkey and the stock keeps going down..If this problem is not solved properly on a large scale and in an effective way; It is certain that the ongoing global economic crisis will increase Turkey's borrowing costs and that the increased amount of international liquidity will have impacts on inflation. Individual and commercial loan interest rates will go up in domestic markets. Unless proper assurances are given to the markets, it looks the crisis will remain center stage.