We tend to accuse governments and large corporations for causing the global economic crisis and on some level it is true, but we must be able to admit that we also helped to create this economic recession. But more often than not, it is easier to point the finger to others rather than ourselves.
What did really happen? What were the main causes of the global economic crisis? We were actually living quite good and then suddenly almost like out of nothing the crisis hit us. And boy did it hit us hard! Of course at some degree governments are responsible, but I do not view them as the sole origin of the crisis. They only partially created this humongous problem. I cannot speak for the whole world, but in the context of my own native country I must admit that we, the everyday consumers, caused the crisis on some level. The inflated prices in construction and real estate sectors were significant factors. The salaries and costs were pushed to unseen heights and people believing that it can only get better started to spend and live above the real situation. Huge leasing loans became an ordinary thing. People loaned large amounts of money to invest in the booming real estate sector. When the crisis hit they were left with enormous debts without real possibility to sell the accumulated real estate as the sector was the first to crush. Banks and other financial institutions demanded the return of the assets, but that was an impossible undertaking as there simply was no more money to return. This lack of money directly influenced the construction sector and caused its collapse. A lot of people lost their jobs and income meaning even less money to spend. This only allowed the crisis to gain strength.
Now the government is forced to decrease the overall costs and raise taxes to increase income. A foolish act if you ask me as it probably will have quite the opposite effect. The main idea behind all this is that we must admit that the global economic crisis was not caused just by one country, government or person. We all are partially responsible and this should not the time of finger pointing.
