EARTHQUAKE & FREE MARKET ECONOMY

Himalayan Earth Quake of the Century: Free Market Flourishes!

Last Saturday Nepal was struck by one of the most powerful Himalayan earthquake since 1934 casing worst disaster. More than 5000 deaths have been confirmed, and the death toll is expected to rise. The intensity of quake estimated at 7.8 Richter scale impacted North-East India resulting in 75 deaths so far and injured many. The quake struck about 50 miles northwest of Katmandu in an area that the U.S. Geological Survey calls one of the most seismically hazardous regions on Earth. It was felt as far away as Lahore, Pakistan; Lhasa, Tibet; and Dhaka, Bangladesh. Multiple aftershocks, including one registered at magnitude-6.7, followed.

Although government is non-existent in Nepal its Prime Minister said deaths toll may over 10,000.  Earthquake rocked mountainous Nepal and major aftershocks continued to rock the buildings and historical sites. At least 18 mountaineers were killed and dozens more were injured on Mount Everest, where the quake triggered an avalanche. Dozens if not hundreds remain trapped under mounds of rubble. The nation's capital of Kathmandu was particularly hard hit affecting over 8 million people across the country left with no supply of even drinking water and essential food. Rescue efforts launched from China, India, Oxfam and other countries have arrived in Kathmandu, but the rescue workers found no government support even for supplying water.   In fact, rather than the government coming to help it sitting like a lame duck let the hoarders and marketers to escalate the prices of common goods to double in market. Plight of victims of quake combined with economic hardship shows Capitalism has no heart, it knows only profits. Had the government come forward to coordinate distribution of overseas supply of food, medicine and cloths prices would not have rise to all time high.  All the international help is pouring, but there are concerns if it would be enough where over 1 million children are worst affected.  

Although on a major plate boundary with a history of large- to great-sized earthquakes, large earthquakes in this area are rare in the documented historical era. Over the past century, just four events of magnitude-6.0 or larger have occurred within about 150 miles of Saturday's earthquake, but Geologists say Eurasian plate push under the Indian plate causing severe impact.

A number of buildings collapsed instantaneously in the epicentre of the capital, the ancient Old Kathmandu, including centuries-old temples and towers. Among them was the Dharahara Tower, one of Katmandu's landmarks built by Nepal's rulers in the 1800s, a UNESCO-recognized historical monument. It was reduced to rubble and there were reports of people trapped underneath and rescue mission halted due to fear of collapse of cracked buildings with domino effect.

The quake will definitely likely put a huge strain on the resources of Nepal, a poor country best known for Everest. The nation is highly dependent on tourism. More avalanches are likely on Everest and it's unclear how those stranded on the mountain will be evacuated to safely although choppers so far have recued many although weather condition makes it very difficult.