Opinion: (Nouriel Roubini, Nicolas Berggruen, from The Guardian): “The eurozone’s crisis is dragging down the entire global economy – real economic and political union is now urgent.

“After many months of muddling through – but not getting at the systemic roots of the economic, fiscal and financial crisis – Europe is at the tipping point. If it continues any longer with the status quo of dithering instead of decisiveness, the eurozone will break up and its national economies will weaken. Only by moving forward towards full integration – now – can Europe save itself.

“Along with persistent partisan gridlock and the clear slippage of the recovery in the US, Europe’s crisis of governance is dragging down the entire global economy.

“Action to restore credibility is necessary.

“Additionally, in pursuing the necessary fiscal austerity and structural reforms, we must be careful not to undermine any fragile recovery in the short run.

“To compete in the globalised world, Europe needs to implement an ambitious agenda for growth and employment to boost competitiveness and long-term productivity. …Without growth, the temptation for economic nationalism will arise.

“Further political integration and union can only be built hand in hand, step by step, through a broad and deep engagement of the public.

“That is why more European integration, not less, is the only solution.”

My Comment: We won’t be able to develop further; everything will be reduced until it reaches the condition of reasonable production and consumption, rather than overproduction and overconsumption for the sake of overaccumulation. Nature will force us to become its integral part, meaning to receive and give in a reasonable way.

We will come to this economy, and namely integration, trust, and unity will let us create this harmonious union. There will be neither rich nor poor—nature will not allow it. A person will be rewarded for his or her investment in development in the form of respect, recognition, creativity, and the feeling of the next level of harmony, higher than this life….
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