And it is said that capitalism was moving through these crises, which occur roughly every ten years. What we see today is a crisis that occurs once a century. In intensity, it is similar to the 1929. You will probably have serious social consequences in the real economy. The crisis of capitalism is comprehensive and we cannot see it only in some lines. It covers the financial crisis, the crisis of the food sector (rise of food prices), energy crisis (rise in the price of oil, the conversion of food into biofuels), the ecological crisis (pollution of the planet), the aggressive imperialist foreign policy crisis, ideological crisis, moral crisis, the crisis of governance. It is obvious that the crisis affects the global economy and not only to the United States. As the leader of the Cuban revolution Fidel Castro reflected: we have a capitalist general crisis, the first of a magnitude comparable to that exploded in 1929 and the long call Depression of 1873-1896.
A civilizational, multidimensional, comprehensive crisis whose duration, depth and geographic scope shall surely be of greater wingspan than which preceded the Wall Street crisis is impacting in Latin America. The region that managed to grow thanks to changes in its policies and favourable economic conditions a 6.1% in 2004, 4.8% in 2005, 5.6% in 2006 and 5.7% in 2007 will grow in 2008 no more than 4.5%, and in 2009, according to forecasts, less than 2.5%. According to Bernardo Kliksberg, UNDP Principal Adviser for Latin America, in his column what he thinks Latin America on the global crisis, the international crisis is a where Latin America despite the economic progress the reduction of poverty and inequality has been slow. Latin America and the Caribbean are still vulnerable to external shocks and are in situations of uncertainty the new scenario, primarily with regard to the security food stocks, said the UN Organization for agriculture and food (FAO) in information published by Adital.