Job Crisis, a Socio-Economical Mayhem.

It started in the middle of 2007, when the Lehman Brothers, the world's supposedly second largest bank, closed its subprime lenders. In 2008, the fear was triggered with the collapse and bankrupcy of the same bank, creating a global economic melt down. The NIFTY, DOW-JONES, HANSEN were the biggest hit including the other national and international markets. The SENSEX made a dramatic ascent into the 20,000 point mark, but just like the dramatic peak, it fell below 10,000 mark within a week. With each and every asset down, the bankers panicked, making a panick call to sell shares and that did let to further fall the market price. The pandemonium set in a new kind of terror. Job security.
Wall Street broke down creating a collapse all over the world. Jobs were at stake. It was reported that this phase is one of the largest hit financial phases in the World Financial History. The UNO associated ILO (International Labour Organisation) reports that by the end of 2009 we can see some 50 million jobs been sacked all over the world carrying the number of jobless people 210 million. Be it a super power or a third world nation, this job crunch is to be felt in everybody.
What can be the result of this Job Crisis?

JOBLESS would create increased avenues for social crimes, starting from loots to murder. The unrest against the administration by the labour class could show some of the most unwanted stagnancy in the industries. The death rate due to suicidal attempts would increase. The national as well as bank asset values would be on a rise, similarly as the crude oil prices takes up its wings and gets soaring high. An inflation of 6% have been predicted in the price of crude oil by the end of the year and that would result in an increase of the purified automobile oils. The transportation cost hike would be reflected on the increase in the price of the things that depends on transportation like medicines, food, etc. To counter the price rise, the nodal agents would be planning for a new rise and the cycle would cummulate a huge rise of prices. It is estimated that the price at the customer end may range with a hike between 7-9% by December 2009.
To prevent their jobs from being sacked down, the people all around the world are working 24 hours. Its like the Red Queen Hypothesis, where each one is running behind each other so as to provide a better service, and try to evolve according to the demands. If not, then you will be sacked so that the fittest survive. The other option is that since all the jobs that have been sacked, especially in India, has been maximally private instituitional jobs, hence the new era students are taking back to the general studies and enter the government aided jobs.

What is hopeful, is that this unemployement scenario would be better than what it was during the 1930's Great Depression.