Roubini In Davos

Dr. Michael LaitmanOpinion (Nouriel Roubini, an American economist, co-founder and chairman of Roubini Global Economics LLC): “Social unrest, Roubini says, is tied directly to economic uncertainty.

“What is connecting everyone in the world these days, continues Roubini, is economic and financial insecurity, the rise of income and wealth inequality, challenges from poverty, unemployment effects of financial crisis.

“Freakouts about debt loads, moreover, are leading to budget cuts — which, in Europe, at least, are making the recession worse.

“225 million people worldwide are unemployed; 1 in 3 people on the planet are poor or unemployed; 1% of the world’s families own 40% of the wealth; wages as a percent of GDP are at an all-time low; corporate profits as a percent of GDP are at an all-time high; current policies will lead to explosions.

“We’re in a ‘vicious circle’ … fiscal austerity to solve debt problem is making everything worse.

“So, how do we fix this? More unionization; more power to the worker; more investment in education; more investment in ‘human capital; more investment in infrastructure; less austerity; more investment in growth (Europe); redistribution of power in society — power to the working people; deal with massive CEO-to-employee pay inequality with taxation and be courageous with financial regulation.”

My Comment: If this is not implemented on the basis of integral education, no good plans will be realized. After all, they consist of items of “universal mutual guarantee,” which is impossible without the change in the awareness of the new united world.

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