World encounters second wave of global financial crisis, says CPT leader

DUSHANBE, September 28, 2011, Asia-Plus --The world has encountered the second wave of the global financial crisis, leader of the Communist Party of Tajikistan (CPT) Shodi Shabdolov told Asia-Plus in an interview.

According to him, the main reason for the crisis has been and remains monetarism.  “Instead of traditional principle of development of any society, “money-commodity-money,” the capitalist world has chosen the “money-equities-money” principle,” said Shabdolov, “Trust in money like in the Lord and creation of financial pyramids have become the main reason for the crisis, which will last for another five or six years.”

Shabdolov is sure that only those state that have chosen the Socialist way of development will overcome the crisis appropriately.  “Only the state regulation of economy may save the world economy against complete collapse,” noted the CPT leader, “I am sure that this crisis will make many countries of the world, including the former Soviet republics to unite with ach other.” 

He also noted that the International Labor Organization (ILO) warns of major G20 labor market decline in 2012 and serious jobs shortfall by 2015.  The statistical update prepared by the ILO and the Organization for Economic Cooperation and Development says that at current employment growth rates of 1 per cent, it won’t be possible to recover the estimated 20 million jobs lost in the G20 since the crisis began in 2008.  The analysis expresses concern that employment may in fact grow at a rate of just under one per cent (0.8) until the end of 2012, resulting in a 40 million job shortfall in G20 countries next year and a much larger shortfall by 2015.