Similar to playing roulette, US-led Western stock markets function as an exciting game-like environment for a large network of financiers and bankers addicted to playing this game everyday.

May 21, 2010 (Hamsayeh.Net) - Oil-dependant US-led Western economies once again face the prospect of another depression like crisis caused by uncertainties in Europe and America.

On Thursday, leading stock markets plunged to some of their lowest levels in months. US Dow Jones fell 376 point that makes a total of 1000 point drop in a matter of week. Also despite US media efforts to paint a rosy picture of unemployment situation in that North American country, more and more people filed new claims for unemployment benefits in the last three months.

Jobless applications rose by 25,000 additional benefits to 471,000 in just one week. Western governments now try to ease market concerns by supposedly reducing speculative practices currently rampant in their capitalist economies.

Similar to playing roulette, US-led Western stock markets function as an exciting game-like environment for a large network of financiers and bankers addicted to playing this game everyday.  Due to deregulation schemes currently in effect, these groups of financiers and bankers make huge profits irrespective of how markets generally perform.

Fears of China also trying to control its economy from overheating helped increase uncertainties in the global stock markets. Thanks to its robust labor-intensive exports of goods to overseas markets, China is now the only major economy experiencing double-digit growth. A slowing down of Chinese economy could dash any hopes of economic recovery in other parts of Asia and the rest of the world.

Economic crisis in Europe now threaten larger economies including Spain, Italy and Portugal, with governments planning to impose strict austerity measures similar to what was imposed on Greek average working class people last month. Such measures could mean pay cuts for civil servants, less public service, increasing unemployment and elimination or reduction of old-age pensions.