Opinion: (George Soros, billionaire investor): “Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation. They need to regain control and they need to do so now.

“Three bold steps are needed. First, the governments of the eurozone must agree in principle on a new treaty creating a common treasury for the eurozone. In the meantime, the major banks must be put under European Central Bank direction …Third, the ECB would enable countries such as Italy and Spain to temporarily refinance their debt at a very low cost. These steps would calm the markets and give Europe time to develop a growth strategy, without which the debt problem cannot be solved.

“The course of action outlined here …is more radical because it puts the banks under European control. That is liable to arouse the opposition of both the banks and the national authorities. Only public pressure can make it happen.”

My Comment: Didn’t the great financiers say that the crisis was over? These measures, like patches, will not help either; a patch will merely tear as well. It’s necessary to change the system of our attitude to the world: The globally connected world has to be governed by people who feel a genuine responsibility for the entire world, for the unified system, and are connected by mutual guarantee.
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