Opinion: (Nouriel Roubini, chairman and co-founder of Roubini Global Economics LLC): “‘I’m very concerned of things getting out of control,’ Roubini said in an interview at Bloomberg’s Dubai office yesterday. ‘You need a huge bazooka of at least 2 trillion euros, but you can’t wait three months. You have to do it in the next few weeks.’
“‘The problem isn’t that Greece is insolvent, but that the fact of having two big elephants in the room – Italy and Spain,’ Roubini said. ‘They’re too big to fail but also too big to save. Even if they are illiquid, but solvent given austerity reform, they’ve already lost market credibility.’
“‘The steps that need to be taken to avoid a dissolvent situation are massive,’ said Roubini….
“‘What is the likelihood of all of these things occurring in a coherent, consistent and realistic way to avoid the mess?’ he asked. ‘I think it’s a low probability because of the political constraints.'” (Source: Bloomberg.com)
“‘I thought a few months ago that the perfect storm would be 2013…. But now, the economic weakness in the US, euro zone and the UK is front loaded. So we’re going to double dip earlier. The climax of it could be 2013, or it could be already earlier.'” (Source: Bloomberg.com)
My Comment: To solve the problem, it is necessary to see the future and what it has in store for us in each of the following scenarios:
- Delay until the phenomenon itself manifests clearly;
- Failure to render help;
Even if the future is not clear and there are various opinions, the trend of our advancement has to be understood: Human development leads to its full integration. And although this development towards unity takes place contrary to our personal, state, and national egoism, we must accept this natural evolution as an obligation, as a fact, and make decisions in accordance with it.
Europe united partially as it feared the recurrence of war, rather than desired integration. But today, not only the EU, but the whole world should ponder over the necessity of integration, according to the evolution of human society. We are facing the fact that integration is the next form of humanity and we cannot ignore it.
With each passing day, we are becoming closer, and we must rebuild our relationships at all levels accordingly. Otherwise, the whole humanity will collapse, in all its relationships and institutions. And Europe should set us an example.