Other Consequences of the Financial Meltdown

From: Becca Smith

The financial meltdown has more effects on the world than just causing people to panic about their disappearing retirement funds. Last month, Chinese workers were building a Ritz-Carlton hotel on the remote nine-square mile West Caicos. The project was stopped because it was funded by the Lehman Brothers and last month the company went bankrupt. The island is located to the Atlantic Ocean and is relatively close to Haiti, Cuba and the Dominican Republic.

Due to the financial crisis, Chinese workers were not getting paid because the project failed. On Thursday, the workers demanded their paychecks and are reported holding Israeli contractors on the site. The island is under siege and the number of Israelis being held is unknown. However, Ygal Yancovitz, the project contractor’s manager, said that while the workers are angry, no one is being held hostage. A witness said that the island is being closed off, but currently no one is being hurt.

The financial times are leading to desperate measures. The workers may start to get frustrated if their paychecks are not delivered soon enough, and they may eventually resort to violence. While I do not agree with the Chinese for holding the Israelis against their will, it would be frustrating to spend weeks building a hotel, hoping to collect a paycheck, and then to be told there is no money. Hopefully the workers will be getting their money and will let the Israelis free as soon as possible.

http://www.cnn.com/2008/WORLD/americas/10/16/island.workers.rebel.ap/index.html