Stanley Fischer Is Gloomy About The Future Of The Global Economy

Why Does Everyone Hate Israel?In the News (from GlobesOnline): “The pessimistic outlook for global trade is the most important factor because export is a substantial part of our production. Global growth forecasts for the second half of 2009 are very pessimistic,” Governor of the Bank of Israel Prof. Stanley Fischer today told the Knesset Economic Affairs Committee.

“Global trade is projected to fall by 9%. If these forecasts turn into facts, it will mean the worst global economic situation since World War II. Obviously, if global trade plummets, we cannot but be affected. Unemployment will probably continue to rise through mid-2010. In other words, we face a difficult year. We must pay attention to the real economy precisely when great optimism leaves the financial markets.”

My Comment: I applaud Prof. Fischer for being so direct and honest. Since man’s nature is “the will to enjoy,” it erases the negative emotions we felt in the past. So when our suffering becomes permanent, we stop noticing it. This is what’s happening with the crisis: although it isn’t ending, and is actually getting worse, it seems to us that it is almost over.

Kabbalah warns that humanity has an egoistic illness and it is not treating it Therefore, just like any disease, it is going deeper inside us, and will strike us more severely. If we continue closing our eyes to the facts, then we will soon face all the horrible symptoms of the illness!

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