US ECONOMY, THE WORLD, AND TURKEY

Turkish Daily News
Monday, June 30, 2008
Vural CENGÄ°Z

Fed Chairman Bernanke’s strange statement on June 25 saying that
inflation is a great threat but the Federal Reserve would not do
much about it shook the U.S. economy the next day and investors ran
to grab more oil contracts after the speech by OPEC. Ironically, the
authorities are doing everything to destroy the U.S. economy and other
economies in the world. Greed is the main driving force lately. Now,
it is speculators’ heaven and it will cost all the citizens of the
world a lot.We need to watch not only oil and gold but also some other
commodities: wheat, corn, soy bean. How are the poor nations going
to feed their hungry? Shouldn’t American and European Parliaments
do more? What happened to the determination of the U.S. Congress to
work on the issues when they were considering the Armenian Genocide
resolution? Why is the International Relations Committee of the
U.S. House discussing the Caucasus instead of the food and oil markets,
financial institutions and speculator actions in this country? Do we
need to create new wars in the world by bringing up the old atrocities
or shall we help the world to overcome the latest economic crisis?

Recession, inflation or both:

These are very hard times. General Motor’s shares are at their
lowest since 1955. Oil hit the highest levels in history at more
than $140 per barrel. Wheat and corn prices have doubled. Is there
a bottom for this free fall or can anyone see the light at the end
of the tunnel?Stagflation (inflation and recession happening at the
same time) is very hard to deal with. However, the worst way to deal
with this problem of modern times is doing nothing. When the Federal
Reserve left the interest rates alone last week, Mr. Bernanke must
have considered one of the following: Leave everything alone until
the election in November to give a better hand to McCain, or leave the
economy alone to let it bring itself up and running again. The first
scenario is too harsh for the U.S. economy and second is completely
wrong. The United States will be able to hang in under these conditions
until the end of the year but many other countries will not. Polls
are showing the disappointment: Barack Obama is leading McCain by 15
points at home and is very much admired all over the world.

abel/TurkeyAirline executives
are accusing oil speculators in New York for the record oil prices. The
speculators are saying it is world demand that is driving the prices
to record levels. There is an excellent way to see who is telling
the truth: the U.S. Congress and other parliaments in the world take
steps to allow more oil drilling and see what the speculators do.

Another double standard:

The U.S. environment is important but so are the environments of all
other countries. U.S. drilling companies are punching holes in the
lands and oceans all over the world but not in the United States. Isn’t
this a double standard? If we all believe in free market economy and
leave the prices alone, let oil drillers do their work in the United
States as well. If we are policing the drillers, well, then let’s also
stop the oil speculators.Norway is one of the most careful countries
when it comes to environmental issues. Norwegians do not even put their
solid waste in landfills. One of the most educated nations with one
of the best democracies in the world, Norway is also one of the major
crude producers. Even ocean cleanliness so important to Norwegians,
they accepted clean and secure drilling. I believe the U.S. Congress
and the president should follow the path that Norway took. The United
States and the world need more oil and more energy.

Fortunately, many problems come with potential solutions hidden in
them. Now, since the world has an energy crisis, everyone considers
secondary resources for clean energy: solar, wind and biomass. The
first two are energy sources which do not cause a problem if they are
left alone. However, the last source is a huge problem if nothing is
done to turn it into energy.

Turkey’s energy problem:

Turkey with her very high population increase rates is killing her
nature by filling its valleys in the countryside with household
waste. There are only 12 licensed landfills in the country according
to the Environment and Forestry Ministry. Remaining garbage of 2,000
municipalities is thrown in the neighboring valleys. Heavy metals are
poisoning drinking water and methane and carbon dioxide are polluting
the air. Instead of producing organic agriculture-friendly compost and
electricity from this source, Turkish companies are bringing old-tech
coal burners from Europe to produce electricity and pollute the already
polluted air even more! If the cities polluting the Mediterranean with
their wastewaters were listed, one page would not be enough for their
names. Turkish Parliament should take necessary steps to clean up the
country and subsidize Turkish companies producing energy from waste and
biomass. Peoples of the United States and Turkey gave the authority
to their parliaments to act responsibly and promptly in the time of
crisis. These representatives should start acting now and provide
people with the legislative and regulatory basis for the fast evolving
economic conditions. People need more food on their tables as well as
cleaner air and unspoiled land. Politicians need to act fast because,
after all, they are only ordinary citizens once their terms are over

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