Global Economic Crisis Deepens

Dr. Michael LaitmanIn the News (from The Bob Tuskin Radio Show): “Global Depression grips world economies. Destructive polices fueled today’s crisis. Conditions are fast coming to a head.

“Throwing good money after bad delays decision day at the price of far greater trouble on arrival. D-Day will shake world economies. It may, in fact, be months away, perhaps in 2012.

“Perhaps Greece is the canary in the coal mine. The country’s bankrupt. Only its obituary isn’t written. Its citizens are being impoverished. Anger rages in Athens. Revolutionary sentiment may explode any time, sending shock waves across Europe.

“Others in troubled countries aren’t far behind, including in America where growing thousands rage against a system destroying their livelihoods and futures.

“On October 16, the Global Europe Anticipation Bulletin (GEAB) headlined its latest economic assessment, ‘Global systemic crisis – First half of 2012: Decimation of the Western Banks,’ saying: Second half of 2011 has global economies heading for ‘unstoppable….geopolitical dislocation(s), characterized by the convergence of monetary, financial, economic, social, political and strategic crises.’

“As a result, expect profit ‘freefall, balance sheets in disarray, with the disappearance of trillions of (dollar) assets,’ compounded by growing public anger, so now ‘the scaffold has been erected’ to eliminate 10 – 20% of Western banks.

“Progressive Radio News Hour contributor Bob Chapman calls debt problems ‘endemic worldwide. We are in a major financial crisis.’ Out-of-control debt is the problem. Much of it can’t be repaid. More of it makes things worse. Serious trouble looms.

“Daily rumors suggest plans to save Eurozone countries from crisis. ‘All are bogus to keep stock and bond markets from collapsing. There is no way out for Europe nor for the entire financial system.’ No one will admit the system is broken.

“In his article headlined, ‘The End of History,’ Paul Craig Roberts wonders how Washington will finance its growing empire given enormous budget deficit constraints. Only money printing provides it. Inflation inevitably results.

“Based on how calculated decades earlier, economist John Williams has it at 11.5%.

“In the new millennium, political Washington destroyed rule of law standards, public accountability, and ‘every moral principle to achieve (global) hegemony.…’

“At the same time, it showered Wall Street and other corporate favorites with trillions of handout dollars, wrecking America’s economy in the process.

“Has it also ended America’s chance to rule the world, or will it engineer a last hurrah global war to try? With lunatics running the asylum, don’t bet they won’t, at the risk of destroying humanity entirely.”

My Comment: Nature puts pressure on us from every side, showing that we cannot come out from this state by means of our mind and experience. The only way is upward: We have to correct ourselves, and from there, once we understand the situation, we have to correct social relationships, and then political, economic, and family connections in society. It is possible to build, and not to destroy, namely on the basis of understanding what is happening.

Related Material:
The Development Of The Global Crisis
Transformation Of The Familiar World
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