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Global Fury as Wall Street Protests Extend to Five Continents
By siliconindia   |   Monday, 17 October 2011, 23:06 IST
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With the protests taking a global turn, the obvious question is-"What made the protesters in U.S so angry in the first place during this recession?" Henry Blodget of Business Insider has identified the key reasons for the global fury. Firstly unemployment is at its highest level since the great depression. At the same time, corporate profits are at an all time high, both in absolute dollars and as a share of the economy. Moreover, the wages as a percent of economy are at an all time low. It is a global economy now, and 2-3 billion new low-cost employees in China and India have recently entered the global workforce. This is putting pressure on wages the world over. Lastly, the income and wealth inequality in the U.S. economy is near an all-time high with the owners of U.S. assets (capital) winning, and everyone else losing.

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