The downturn would impact negatively on destructive tendencies like immigration. Just as an example, many thousands of European guest workers in the UK are now returning to their home countries. However, these are
Europeans, like Poles. It is doubtful whether Third Worlders like Somalians, who receive benefits and are asylum seekers, would return. Why? The govt pays them.
But yes -- a downturn does work against globalisation, which is a good thing. Also, more unemployment at home would put strong pressure on the governments to limit labour immigration. If they do not do it, there could be widespread revolt.
As for the banking system -- the worst thing is that our corrupt governments are bailing the banks out with taxpayers' money! This will just make the corporations richer and the taxpayers poorer and more in debt. So in fact, this downturn is now turning us even more into slaves of the government. It almost seems orchestrated.
The best thing would have been if the banking system totally seized up, no government bailouts.
The govt's should bail out the taxpaying citizens who are the consumers, and the lifeblood of the economy. Yet, they are too stupid to realise this (or maybe they do but are too corrupt). If all those billions have been given to consumers in order to clear their debt, and the banks left to go bust, in the long term it would have resulted in a far healthier economy. But now, the evil circle of indebtedness will continue. Pondering on these matters makes me feel decidedly anti-capitalist!
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