Opinion: (Alan Greenspan, a former Chairman of the U.S. Fed): “’The euro is breaking down and the process of its breaking down is creating very considerable difficulties in the European banking system,’ Greenspan said today, according to Bloomberg.
“He told attendees at the Innovation Nation Forum today that European leaders must reassess the feasibility of a monetary union between 17 countries with very different ideas of government and monetary policy.” (Source: businessinsider.com)
“Casting serious doubt over the continued survival of the Euro, Greenspan said the cultural and economic differences between northern and southern Europe are just too big. While countries in the north–such as Germany, France, and Finland–have a lot in common, they are very different to countries in the south, such as Greece.
“Southern European states tend to have current account deficits, meaning they consume more than they produce, so they end up having to borrow from countries in the north. ‘That cannot go on,’ said Greenspan…”
“The Euro-zone crisis matters, Greenspan said, because the world economy is extremely integrated and because about 20% of U.S. exports go to Europe. Though the odds of a new recession in the US have risen, the former Fed chief said he doesn’t expect that to happen–at least for now.” (Source: en.mercopress.com)
My Comment: But the world is interconnected, and the recession will be traveling around the world until people understand the true cause of their troubles: our lack of correspondence to global, integral nature, the quality of bestowal, mutual guarantee. We cannot separate humanity from the entire universe, if the world is global. We must seek solution in the violation of the world’s globality, in its unity.