In the News (From Theaustralian.com.au): “The world has moved into a ‘new and more dangerous phase’ of economic uncertainty because of the European sovereign debt crisis, according to World Bank president Robert Zoellick.
“Despite decades of fixing problems at the top of US and international institutions, Mr Zoellick could offer no ready solution to Europe’s problems.
“He urged European leaders to approach their continent’s sovereign debt malaise with a greater sense of urgency, and lamented the European Union structures that made effective economic reform difficult.
“‘It’s not the same as 2008 (when the previous global financial crisis hit),’ he said.
“‘On the positive side, people have paid down debt and there is not the same sudden shock as in 2009. But, on the other hand, most developed countries have used up fiscal space and monetary policy is about as loose as it can be.'”
My Comment: Everything is going according to plan: Nature presses us, still leaving time for reflection. Then the pressure will increase, and there will be no more time to think. Assessing the situation correctly and understanding that we must quickly become global and integral: This the solution to all problems. Will we understand this before it’s too late?