The West Is Living Beyond Its Means

Opinion: (Philippe Dessertine, Professor of Finance at the University of Paris X-Nanterre and Director of the Institute of High Finance): “Europe continues to tremble. After Ireland, Portugal and Greece, it was the turn of Italy’s third largest economy of the European Union to be hit hard by the crisis of its public debt….

“As for France, it is the next country on the list. The question is not whether we will be affected, but when….

“The euro is clearly threatened if the European Central Bank collapses. This represents both the risk of collapse of international trade and a deep geopolitical crisis, which can lead to a world war. This is what happens when states are facing an inability to exchange goods….

“In 2009, it was also a debt crisis, but a private one, which affected banks and caused their failure. We hoped to get away with growth, but it is not at the rendezvous. Today, it is the States that go bankrupt. This insane debt simply reflects the fact that the West is living beyond its means.”

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