In the current scenario of global recession,the most hit is not the banks wrecked due to their toxic assets,not the hedge funds which played with imaginary assets,not the egoistic ,narccistic neoliberals but the workers belonging to the middle class,all over the world. As Mr.Nandan Nilekeni,CEO of Infosys,India said "Socialising pains and Privatising gains"would happen in recession and postrecession periods.The carefree spending of countries on bailouts would be dubbed as welfare schemes and common people would bear the brunt of balancing the fiscal deficit due to bailing out of fiscal noncompliant MNC's. This would lead to a vicious circle of lower spending due to high taxes,lay offs in name of company restructuring,higher food prices ,an offshoot of lax carbon policies of G5 countries and disasterous energy policy of converting food crops to fuel. Hence this recession would prove to be a breeding ground for ultranationalism,xenophobic societies which would defeat the whole concept of Globalisation itself. In my view,to tackle recession we need to have better regulated financial systems,time tested financial instruments,highly invasive microfinancial systems to empower people,independent World Bank and IMF which right now function as a proxy US financial corporation catering to the needs of US and clinging to ever failing DOLLAR ECONOMY,upholding its(US) hegemony in the world.Thus we need to rethink monetary policies,redraw contours of global trade and relive the glorious periods of regulated financial systems and better social welfare schemes which increased the real buying power of people across the world and alleviated people from poverty. I am Jeyannathann Karunanithi from India,currently pursuing 2nd year undergraduate degree in Industrial Biotechnology.