In the News (The Telegraph): “The European Central Bank is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of the monetary union has warned.
“‘One day, the house of cards will collapse,’ said Professor Otmar Issing, the ECB’s first chief economist and a towering figure in the construction of the single currency.
“Prof Issing said the euro has been betrayed by politics, lamenting that the experiment went wrong from the beginning and has since degenerated into a fiscal free-for-all that once again masks the festering pathologies.
“‘Realistically, it will be a case of muddling through, struggling from one crisis to the next. It is difficult to forecast how long this will continue for, but it cannot go on endlessly,’ he told the journal Central Banking in a remarkable deconstruction of the project.”
My Comment: The entire model our society is based on is disappearing. There has been no real growth for several years. There is hidden unemployment and hidden debt. There is a revolution and global reorganization, the elimination of traditional political parties, but nobody understands the reasons for what is happening.
The cessation of growth signifies the collapse of egoistic development, which spawned from the ape to the human and has brought us to its logical end. The human developed more than his ego, but before its death, the egoistic development factor will flare up and obligate us to fight and kill, requiring new victims. World Wars III and IV lie ahead.
We think that it is a restoration of the role of states, but it is apparent that this is a temporary trend. The move to a global humanity, not a global market and a worldwide bank, but namely a global society, will take place through back and forth motions, like a cat swaying, before it pounces.
After all, the old institutions must be replaced with the new—institutions of an altruistic society. And for that, first of all, man himself must change. So the crisis is not aimed at political or economic institutions, but at the whole of society and each of us.
The leaders of the European Union believed they understood the trend toward unity on a political and economic level, but our natural development is compelling us toward unity on the deepest level, on the level of our egoistic relationships with each other.
We should stop crying about the lack of financial growth; it will never happen!
We need to stop thinking that globalization will increase general wellbeing. We must realize that we are developing not as a result of politicians’ decisions but through the power of nature and its laws; we need to implement them!