Domino Effect

         In 2008 when the financial bubble exploded in the U.S, the majority of people didn’t know that the situation was going to affect small countries. Today, I am living in that amazing city which is Chicago. Sometimes, people can me ask why I am here? Moving here, for me was the consequence of the subprime crisis. That crisis really affected the U.S economy. As a result, it touched other countries because the U.S is the lung of world economy. That depression had a violent impact on African countries’ economies, particularly in my country, Benin. It brought poverty, created migration, and engendered other problems. The subprime crisis of 2008 had a deep influence on my family and my country.

When the crisis  touched Benin in 2008, it created a domino effect in the society. Touching one of the most popular banks of the country, the economy collapsed. ICC service was a non-governmental organization, and a few years before the crisis, they decided to create a bank. In fact, that was illegal. When people deposited their money there, they could be charged the rate of 200%. That is crazy and it is unbelievable ! It was really attractive for poor people like “Noussato”, taxi, farmers, and the majority of them deposited their money to have an important benefit. They enjoyed their benefit for ten years. This is a big Ponzi system, and it touched more than 300,000 people. They lost more than 400 million dollars when the system exploded in 2010, after ten years of illegal work. Nobody in my family used ICC service, but they  felt a problem since the beginning. For them, that was not normal. However, 400 million dollar depression will certainly touch all the people of a small country with limited resources like Benin.

Moreover, poverty started to increase because a lot of people lost their savings in the Ponzi system. That was coupled with the crisis effects. Less work means less money, and more poverty. Simple traders were touched, and had difficulties selling their merchandise. From that moment, the crisis started touching people of my family. For example my mom was hair braider. Less money for her meant fewer clients, less work, and less money to earn. She was really stressed. I can say that the situation was complicated for everybody. The situation was the same for the members of my family too. it was weird.

            Therefore, people start leaving. Poor people needed a better life somewhere, and a comfortable financial situation. This was similar to in Spain when the big crisis of 2008 created an important number of migration, people looking for a visa increased. Finally, my mom decided to come in the U.S. She applied for the  visa and left Benin when I was 10 years old. I stayed with my grandmother and my six uncles. They all became my moms for a few years. One year after my mom left, one of my uncles decided to come here too. He was a soldier. The government sent him in little village where the standard of life was really low. I was travelling between Cotonou and other cities of the country. After he applied for his visa, he left Cotonou for New York City. I thought the country was emptying itself like water living a bottle. Everybody dreamed about a new life. I decided to join my father in France, and moved in Chicago.

In conclusion, I can say that the crisis of 2008 had an important impact on many countries worldwide. In Benin, it was characterized by the ICC Service problem, the absence of money, and migration. It forced the majority of people to live in bad conditions. I think the economy is an invention of human beings that dominates citizens around the world. The financial situation in Benin is better now. They are judging ICC service’s boss, but only few people were refunded. Today, Beninese are more open to the future and I hope things will stay like this.