Difference between revisions of "Stalemate"
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=2010 - 2013= | =2010 - 2013= | ||
The fears of a head turning revelations by IPCC report were floured today after the presentation of the IPCC chief. Although there had been some minor natural disasters spread across the globe, none was potent enough to raise alarms on the affects of climate change. It is a general notion now that earth has tremendous healing powers and any major effects of climate change would require a lot more time.<br> | |||
With some signs of recovery in mid- 2010, a full recovery was expected sometime in early 2011. Unfortunately, the world went the Japanese way and a complete recovery never came. As the fiscal impetus from the governments was removed, the world saw a second dip. The same pattern has repeated itself again and again for the last three years. Experts believe that this is due to the repayment of corporate debt to match their balance sheets. No one had ever imagined that the sub-prime mortgage crisis would have such a long lasting impact on the western economies. American citizens recently voiced their opinion of a quick economic by electing a republican president. As promised by the new US president, the focus of US would still me a more stable and robust economic growth.<br> | |||
The Spanish and the Italian bond yields have sky rocketed as those of Germany remain stable. Markets fear a repeat Greece for Spain and Italy in near future. Greece itself is struggling to stay on track of the proposed budget reductions in 2010, causing worries and internal disagreements within the EU. The inconsequential COP summits in the past causing the delay in decision making coupled with serious economic woes have caused the softening of EU stand on taking up emission reductions. The support and the willingness of frustrated Europeans for emission reductions have almost vanished. <br> | |||
A booming China and a rising India indicate a much brighter future for the east. Some experts refer to the sub-prime crisis as an inflection point in the world economy, the point where the economic might of the world shifted from western hemisphere to the eastern hemisphere. Chinas plans were also disclosed much before the COP 17 summit, when it commissioned 10 new coal fired power plants in September 2013. <br> | |||
West focussed on economic recovery, EU losing steam and a BASIC block adamant on growth caused a repeat of Copenhagen. No consensus on emission reductions is reached and the leaders of the world return to fire up their economy. | |||
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