The Looming Debt Crisis Will Bury Everyone

Dr. Michael LaitmanIn the News (from the World Organization of Creditors): “The house of cards of the world economies continues to collapse. The problems of Greece and Cyprus are just the beginning of a global trend. Public debt may soon flatten everything in its path like a huge snowball.

“State debts are continuing to grow and, according to the latest estimates, it is becoming more and more difficult for countries not only to decrease the debt, but even to stabilize it. The preliminary results for 2012 show that the total debt of all countries has exceeded $55 trillion. The largest part (75%) is accounted for by only seven developed economies, the G7 countries. During the previous year they not only failed to improve the situation, but increased their debts by 5%. The total indebtedness of developed countries has grown by 12%, or 110% of total GDP. …

“Considering the steadily growing pressure, more and more often we hear forecasts of the upcoming bursting of ’debt bubbles.’ The countries that are pressured by debt can’t find a way to pay their obligations and are being forced to borrow even more money to pay interest on their current loans. For both the majority of developed economies and countries where the debt-to-GDP ratio exceeds 60-70%, it looks like the point of no return has already been passed. Sooner or later they will share the fate of Greece and Cyprus. But in this case, there will be no one to borrow the ‘rescue’ money from.

“Experts are increasingly tending towards the worst case scenario, stating that soon we are likely to observe a crisis of state finances, the extent and consequences of which will far surpass the financial crises of previous years.”

My Comment: We are faced either with the collapse of the global financial system or its gradual transition to a rational form. If we consider how the “leaders” remain deaf to Integral Education, obviously, the collapse is inevitable …

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One Comment

  1. Desire rules. Each puzzle peice. Each human fitting its exact role. Regardless of the path given each will fulfill according to his desire. Your desire to push the integral education ( good idea. You know more then I do on it) will be done. Who knows if it will win out. However, within crisis there comes necessity. Necessity is the mother of invention. These crisis’s will and must happen to both foster new ideas and bring people together. Novelty, as once said. These rebellions of change will grow and spread like wildfire. But even the wildfire which brings death to the forest allows new grass and roots to spring forth.

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