The Calls Will Not Help: There Is Nowhere To Grow!

Dr. Michael LaitmanOpinion (George Soros, financier): “Euro-zone governments have around three months to ensure the survival of the single currency,’ billionaire investor George Soros said in a speech on Saturday [June 2nd].

“‘We are at an inflection point. After the expiration of the three months’ window, the markets will continue to demand more but the authorities will not be able to meet their demands. …’

“The European Union is ‘like a bubble’ – not a financial bubble but a political bubble – that could pop as a result of the euro-zone crisis, Soros said.

“‘In the boom phase, the EU was what the psychoanalyst David Tuckett calls a “fantastic object” – unreal but immensely attractive,’ he said.

“’In retrospect, it is now clear that the main source of trouble is that the member states of the euro have surrendered to the European Central Bank (ECB) their rights to create fiat money. They did not realize what that entails – and neither did the European authorities,’ he said.

“The euro-zone needs a European deposit insurance scheme for banks, Soros said, as well as direct financing by the European Stability Mechanism (ESM) for banks, which ‘must go hand-in-hand with euro-zone-wide supervision and regulation.’ …

“Soros said that too much blame had been placed on peripheral euro-zone countries such as heavily indebted Greece and Spain, and that creditors like Germany had to share responsibility.

“‘The center’ is responsible for designing a flawed system, enacting flawed treaties, pursuing flawed policies and always doing too little too late. …

“‘The authorities didn’t understand the nature of the euro crisis; they thought it was a fiscal problem, while it is more of a banking problem and a problem of competitiveness. And they applied the wrong remedy: You cannot reduce the debt burden by shrinking the economy – only by growing your way out of it,’ he said.”

My Comment: I am not a financier, but there is nowhere to grow, and the paradox lies in the fact that we are trapped: We have found ourselves in a closed system of complete interdependence, but we act like individualistic egoists in the dark, and that is why we cannot understand why we cannot cope with the crisis. And the crisis is not in our unsuccessful attempts to handle the existing situation, but in the fact that we don’t understand that we have to change our approach, to change our thinking to interconnected and integral, and then we will understand how to break the deadlock.

Related Material:
Financiers Are Still Hoping!
Dictatorship In EU Will Lead To Its Collapse
Europe Has No Strategy For Exiting The Crisis

Discussion | Share Feedback | Ask a question Comments RSS Feed