Credit Crunch and Recession sparks protests and riots
Economic related protests and riots are occuring around the world from Iceland to China. The mainstream media in the U.S. gives relatively little or no coverage to these events. On January 23, 2009, the Prime Minister of Iceland, Geir Haarde resigned from office following several months of protests over the banking collapse and credit squeeze. The resignation of the Minister of Business Affairs followed two days later. Economic conditions in Iceland and other parts of the world continue to deteriorate as the effects of the credit crisis affect the general economy. The world economy appears to be sliding deeper into recession and possibly something worse. Read more on the economic downturn here. Protests in Iceland are happening on a near daily basis and are becoming edgier as tensions mount amidst the declining economy. You can see more about Iceland’s economic fallout and protests at the excellent blog (written and updated frequently by a native Icelander) here http://iceland-dori.blogspot.com/
Economic related rioting is also increasing in Eastern Europe. In particular, Latvia has seen some extremely violent rioting. Rioting has also been seen in Greece, Bulgaria and Lithuania.See videos below.
There is a great deal of unrest in China, as the recession in the United States and Europe is drastically reducing demand for factory produced goods made there. In particular, the city of Guangdong, has seen large scale rioting by recently unemployed factory workers who were left desparate and destitute after factory closures. Most economists agree that China requires a minimum of 8% economic growth just to provide enough jobs to keep pace with the huge numbers of new people entering the workforce due to population growth. Recently, the growth rate dipped to 6.8% and projections indicate that it may decline to 5% which indicates severe economic problems and increased social upheaval.
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civil unrest Fema Camps
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