por: C.Bouleau
Concordia
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A Case to Ponder
In so may ways, the shipwreck of the Costa Concordia resembles the shambles of our global economy; the flamboyant cruise liner was blatantly top-heavy, while its pilot apparently didn't possess the sense of responsibility required to steer his ship safely, nor to provide the help needed to rescue all passengers.
How many stories can a luxury liner like the Costa Concordia have befote it loses balance in the water? Certainly, its keel looked barely wet in the TV coverage which flooded small screens worldwide.
The ship's many stories housed tacky, Las Vegas-like interiors: restaurants, theaters, spas and other accoutrements designed to please the nouveau riche.
And so goes the world economy; overbuilt, undermanaged and designed to please get-rich-quick schemers. How many large and small investors fell prey to their investment and mortgage scams? One major difference: during the ongoing recession, many investors lost their money, while in the wreck of the Costa Concordia, nearly a dozen passengers lost their lives. And yet the parallel is still valid.
Overspending by governments and individuals is comparable to the overbuilding of stories on a cruiseliner. Insufficient immersion in relation to the ship's height is comparable to banks' puny reserve requirements in most countries.
And as for the 'captains' of different companies' economies, where were leaders' like Alan Greenspan's (longtime, lax U.S. Federal Reserve honcho) sense of judicious guidance and responsibility?
Companies and individuals can get away with murder (literally, in the case of the Costa Concordia), if they are not made to comply with sensible legislation.
Definitely a case to ponder...
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