by Mudassar Hussain Mughal
The term economy is used to demonstrate the financial standing and position of any country.
Nowadays each and every country is slot in to augment its economy by using the scarce resources that it possesses. Some countries use exterior resources (trading) for this cause. The business cycle is based on four phases i-e, boom, recession, trough and recovery. Today, poles apart countries are on different phases as Asian economy is on boom while European economy is on recession. Once there was a time when Asian economy was on trough, generally the tenure of ten to fifteen years required budging from recession to boom.
In this era, each country is anxious about the imminent economic development constraints. One thing is very lucid that natural resources are extra trustworthy then synthetic resources. Asian economy depends upon natural resources, while European economy relies on fake resources. Asia and Middle East has surplus natural resources like petroleum, fertile land for cultivation, apposite seasons for livestock nourishment etc.
Asia and Middle East especially Muslim world satisfies the petroleum need of the world near to 79.9 %, eatables (crops) near to 72.6 %, meat (halal) requirement approximately53.1 %, while Europeans especially Non Muslim world produces capital goods like industrial machinery, weapons and research tools they execute the requisite of industrial goods 76.0 %, weapons 78.9 % and research equipments about 80.1 %
Worldwide countries gratify their requirements by means of trading with each other. Natural resources are consumed for the manufacturing of synthetic goods. With the passage of time natural resources are stirring towards more scarcity, with the increase of scarceness price goes up, as gasoline prices in international market stroked the psychosomatic confines of US $116 per barrel recently.
This increase affected the global economy entirely as petroleum is the key ingredient of a production plant. Iran and Saudi Arab are two immense refiner and purveyor of petroleum.
United States of America has under fired two Muslim counties (Afghanistan and Iraq) for the attainment of these natural resources, to boost up its economy. USA exhausted lots of currency to get done this mission, as one year operating cost of “Think Tank”, military, weapons etc is much more than the total five year budget of Pakistan. Although USA is enjoying the petroleum deposit outputs from Afghanistan and Iraq but it has to pay heavy cost till now. In order to sustain its economic position USA “Think Tank” suggested government to grab new wells of petroleum from these renowned suppliers, particularly from Iran.
Only Iran is gratifying 32.9 % of petroleum requirements of the world. Now America is blaming Iran exactly like Iraq that it is engaged in the formation of nuclear weapons in her nuclear plant. America will not attack Iran, unless its military will hold off from Afghanistan and Iraq. Secondly “Think Tank” prefers wait till the completion of nuclear plant because America can enjoy natural petroleum deposits to run its industries and nuclear plant for the production of tradable weapons etc.
Russia, Israel and America are the big merchants of weapons but if Islamic world stop the supply of petroleum how it will be possible to run jet aircrafts, space ships, tanks, and submarines etc. On the other hand production plant of fertilizers, cement and fabrics etc. as natural resources are stirring towards insufficiency. Muslim world will less the supply of petroleum to other countries, being industrial states their economy will move gradually towards recession. In order to overcome this lacking America will attack on Iran, which will lead America or other non-Muslim countries to absolute downturn because Muslim world can detach trading.
Inflation rate of many countries has shown increasing trend in the conspicuous illustration is Zimbabwe where inflation rate is in four digits and the worth of 50,000,00 rupee is just three leaves of bread. These all figures are the output of scarcity of resources. The value of dollar in international market is declining while the issuance of 5000-rupee currency note in Pakistan is also emblem of escalating inflation and decreasing trend in the purchasing power of money.
Every country has to mull over this scarcity vigorously the petroleum combustion of the world is 6.96 billion litters per hour. How much long these deposits of petroleum can be used 10 years, 15 years or more 20 years? But there will be a time when no deposit of petroleum will remain on this globe then all industries like fertilizers, cement, textile, steal, chemical, leather, and so on will seize due to dearth of petroleum. To secure the petroleum resources use substitute surplus resources as coal in cement and steal industry etc. I am hopeful before the diminishing of petroleum deposits other alternative resource or technology will be invented in future than why we massacre humanity for the attainment of these scarce resources (petroleum).
Courtesy: The Nation, 28/4/2008