Opinion: (Christine Lagarde, the IMF Chief): “Ms Lagarde said the ongoing debt crisis in Europe has resulted in an uncertain outlook for the global economy.

“The head of the International Monetary Fund, Christine Lagarde, has warned that the global economy is at risk of being plunged into a ‘lost decade.’

“‘Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand,’ she said.”

My Comment: The downfall of the egoistic economy will happen anyway, and it will continue until we establish an integral global economic community built on the basis of global mutual guarantee, like cogwheels in a single mechanism, in order to bring our civilization to balance with nature. It entails reasonable consumption where: everyone gets only what’s necessary for healthy existence with the excess being distributed to the needy, we perform only necessary work, no one accumulates and stores the surplus, and citizens dedicate all their free time to the creation of the correct environment, whose influence will create from us, egoists, an integral altruistic society similar to Nature.

Until we consciously achieve this state, Nature will bring suffering (crises and wars) upon us—the revelation of our lack of balance with Nature. No revival of the systems of our society will take place in the future: We are heading downwards until we understand the need for personal and social correction.
[60491]

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Opinion: (Lang Xianping, international economist, professor at the Chinese University of Hong Kong): “Lang Xianping, a famous Chinese economist, exposed ‘the inside information of Chinese economy’ in his speech on 22nd October. Based on his own data, China’s GDP has not only not increased, but has shrunk by 10%. He even predicted that China will go the same way as Japan in terms of economic development since the government is already deep in debt – maybe even by 36 billion – and doomed to go bankrupt.

“In his speech he said, ‘Only in China do we see such a terrifying investment market. Our stock market has been in continuous decline, yet other markets, such as the real state, automobile, luxury, and antique markets have been expanding rapidly. Our nation is sick, deeply sick.’

“He pointed out, ‘The data published by the National Statistics Bureau is all fabricated. Economic growth of 9.1% is not true, and inflation rates of 6.2% are not true either: They’re at least 16%. All the policies that the government is releasing are to “heal” the “sick” economy, but actually they’re no use whatsoever. China’s economic situation is treacherous!’ He added: ‘China is already headed for a recession. From early July, Chinese manufacturing PMI was the lowest in the world.’

“According to him, China is going to become the poorest country in the world. There are three serious mistakes in our policies, and one of them is the high taxes and dues. The direct taxes and indirect taxes paid by entrepreneurs last year took up 70% of Chinese PBT, and individual income tax took up 81.6% of average income tax. We have the highest tax in the history of man.

“‘Overcapacity in China has a long history, and has been alleviated by high worldwide debt,’ he said. ‘However, if Americans can no longer afford it due to the economic crisis, our overcapacity will become a nightmare. Our consumption capacity can only absorb 30%, which will lead to too many surplus products and force many businesses to go out of business. If the global financial system collapses, many countries will no longer be able to develop in an indebted way – hence, our surpluses will become a huge problem.’”
[60434]

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Baal HaSulam, “Mutual Guarantee” (abridged version): Once the whole nation agreed, they became guarantors…

What is the meaning of this nation-wide agreement? Did every person just shout out like a child, “I want!” Or do we have to understand where we are going and how far?

That is why this world was given to us, showing us all the clear examples of caring for the neighbor. I see how repulsive all of this is to me, yet I unite with others because I have to, not having any other solution in a time of peril or when I really need them.

Once the entire nation agreed, they became guarantors that no citizen will be deprived of what he needs.

Mutual guarantee by itself gives us energy. By the same principle, at the end of correction we increase the Light’s abundance by 620 times compared to what was there at the beginning of creation. Stated differently, instead of a very fine line that was filled only by the tiny Light of Hochma, we receive an entire circle in which the Light of Hochma pours, clothed in the Light of Hassadim, infinitely filling everyone to the depth and breadth of the mutual unification. When this happens, every person adds his part to others and becomes included in everyone himself.

So where does this miraculous addition come from? It comes from the fact that we involve the force of mutual guarantee, the force of mutual inclusion. By virtue of the breaking, the vessels were prepared to become included in one another, and now, in spite of our egoism, we must evoke this inclusion, this mutual guarantee, in practice. The resistance of our egoism and our ability to overcome by means of the Light that reforms, which leads to unity, create an inner pressure inside the vessel, a resistance, like in a resistor. The force of egoism inside of us constantly resists unity, while we stand above it and become tightly locked in all of the connecting points.

Eventually, the negative and positive forces that separate and connect us come together in one channel. That is how we attain a 620-fold increase of power.

Today we barely provide enough food for half of humanity. About a third of it has limited food, and another third is starving. But there is no doubt that by realizing the mutual guarantee, we will end up with the same abundance that the spies discovered when they were first sent to Israel and discovered a “land flowing with milk and honey.” It will suddenly become clear that there is no need for material investment because fulfillment is provided by the Light. Vitamins, minerals, calories, and everything else are vestments of the Light, which disappear to the extent we clear them away.

We always aspire to extract the maximum energy conversion efficiency from the energy resources. But here, what we have at our disposal is the Light, without any material vestment. That is an energy incomparably more powerful, which supports all of matter. Instead of fairy-tales about an eternal engine, we truly acquire an eternal energy resource.
[60548]
From the 4th part of the Daily Kabbalah Lesson 11/13/11, “The Arvut (Mutual Guarantee)”

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Opinion: (Jim Rogers, CEO and chairman Rogers Holdings): “The world is definitely going to face another financial crisis stemming from problems in Europe.

“‘We’re certainly going to have more crises coming out of Europe and America; the world is in trouble. The world has been spending staggering amounts of money that it doesn’t have for a few decades now, and it’s all coming home to roost.’

“He added that the crisis would be much worse than the one markets saw in 2008 because the debt is much higher now.

“‘Last time, America quadrupled its debt. The system is much more extended now, and America cannot quadruple its debt again. Greece cannot double its debt again. The next time around is going to be much worse’…

“‘It would be better off if we can hold the euro together and we reorganize. People are bankrupt and when people are bankrupt you might as well face reality. Reorganize the assets, competent people (will) come in and you start over from a sound base'”…

My Comment: The world needs to reorganize not the assets, but thinking. It has to make it integral and use it to build a new integral society connected by integral economic relations. This is the future, whether we want it or not, and we will have to understand, accept, and build it.
[60475]

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Opinion: (Vladislav Belov, Head of The Institute of Europe, The Russian Academy of Sciences, from vedomosti.ee): “Grandiose events in Europe related to the crisis in the eurozone will begin in the nearest future. In my opinion, we will witness them right away, by the end of the year. Europe doesn’t have time any more. …Primarily, it will be about the attitude towards the euro and the eurozone.

“Let’s look at the root of the problem: Eurozone’s economy consists of 17 countries that vary not only in size, but also in labor productivity and economic competitiveness. In fact, this arrangement is destroying the union. For the North, it is important to export goods with a high surplus value, whereas the South is all about exporting food and agricultural produce, maintaining tourism, and keeping their real estate bubble afloat.”

My Comment: The only solution is to combine all European economies and create one economy that is not about surplus value, but rather about satisfaction of the basic needs of the European population and later of the whole world. Unless and until we start viewing ourselves as one family rather than competitors, we won’t endure the crisis and will move toward the next world war.
[60072]

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Opinion: (Paul Krugman, professor of Economics and International Affairs at Princeton University, the recipient of the 2008 Nobel Prize in Economics): “When David Cameron became Britain’s Prime Minister last year, he immediately embarked on a program of spending cuts in the belief that this would actually boost the economy — a decision that was greeted with fawning praise by many American pundits.

“Now, however, the results are in, and the picture isn’t pretty. Greece has been pushed by its austerity measures into an ever-deepening slump — and that slump, not lack of effort on the part of the Greek government, was the reason a classified report to European leaders concluded last week that the existing program there was unworkable. Britain’s economy has stalled under the impact of austerity, and confidence from both businesses and consumers has slumped, not soared.

“So bailing out the banks while punishing workers is not, in fact, a recipe for prosperity.

“If you’ve been reading accounts of the financial crisis, or watching film treatments like the excellent “Inside Job,” you know that Iceland was supposed to be the ultimate economic disaster story: its runaway bankers saddled the country with huge debts and seemed to leave the nation in a hopeless position.

“But a funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.

“So how’s it going? Iceland hasn’t avoided major economic damage or a significant drop in living standards. But it has managed to limit both the rise in unemployment and the suffering of the most vulnerable; the social safety net has survived intact, as has the basic decency of its society. ‘Things could have been a lot worse’ may not be the most stirring of slogans, but when everyone expected utter disaster, it amounts to a policy triumph.

“And there’s a lesson here for the rest of us: The suffering that so many of our citizens are facing is unnecessary. If this is a time of incredible pain and a much harsher society, that was a choice. It didn’t and doesn’t have to be this way.”
[60340]

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In the News (from Global Research): “A series of reports over the past ten days—on poverty, wages, income inequality and social mobility—have painted a portrait of America starkly at odds with the official mythology of the United States as the land of unlimited economic opportunity, the country with the world’s highest standard of living.

“Even agencies controlled by political representatives of the financial aristocracy are compelled to admit that the conditions of life for the vast majority of the American people are disastrous.

“These figures demonstrate that America is a country of mounting social disparities, in which those who labor and produce all the wealth have less and less to show for it, while those who collect the profits of this labor, while playing a parasitic, destructive, and thoroughly reactionary role, see their wealth accumulate to astonishing levels.

“Two reports frame the dramatic social polarization in America, not so much between the rich and the poor, as between the rich and the entire rest of society.

“While the income of this layer [the richest 1 percent of US households] nearly tripled, the income of the middle 60 percent of the population rose only 40 percent over 28 years, and the income of the poorest 20 percent rose by only 18 percent.

“Geographical mobility in America has fallen to the lowest level reported since 1948, one reflection of the loss of opportunity particularly for the young. People cannot sell their homes or buy new ones, and the majority of young college graduates are being compelled to move back in with their parents because they cannot find work that pays enough to set up on their own.

“What these figures demonstrate is both a profound social crisis, and an immense historical transformation. The United States has gone from leading the world in most social indices, including working-class living standards, to a new status as the leader, at least among the industrialized countries, in condemning the majority of its population to conditions of deprivation and misery.

“The decline of American capitalism is shown in the decay of its once powerful industrial base, the crumbling of roads, bridges and other social infrastructure, and the closing of schools, libraries, hospitals and other public services. It is no wonder that more than 80 percent of the American people, according to most recent polls, feel that the country is on the wrong track.

“The overriding political necessity is for the working class to grasp the source of the social and economic decline. It is capitalism that has failed in the United States, and on a world scale.”

My Comment: The solution to the problem is to create a new state, financial, and industrial leadership that understands the essence of the changes taking place in humanity.
[60344]

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Opinion: (Vasily Koltashov, Head of the Economic research center, Institute of Globalization and Social Movement, from vz.ru): “Cutting one country’s debt will become a form of debt pressure on other European countries.

“The attempts of the Greek government to save at the expense of the citizens caused a strong protest. But this hasn’t made the authorities look for a compromise. Under the impression of these heavy social protests, the EU made the decision to write off the debt because they were afraid of the development of a sociopolitical crisis in Greece.

“The writing off of the Greek debt will take place not as a sign of a new course, but to keep the stability of other debts and of the whole system of financial capital.”

My Comment: The stupid penguin cowardly hides blubber in the rocks… (“The Song of the Stormy Petrel” by M.Gorky)
[60168]

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Opinion: (Alan Greenspan, a former Chairman of the U.S. Fed): “The euro zone is doomed to fail because the divide between the northern and southern countries is just too great, former Fed Chairman Alan Greenspan told CNBC in a recent interview.

‘“At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn’t…’ ‘Instead, northern Europe fell into subsidizing southern Europe’s excess consumption, that is, its current account deficits.’

‘“The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands, and Austria. If they aren’t, it simply can’t continue to work.’”

My Comment: This will happen under pressure and only if we reach mutual guarantee, when all will receive education about and the understanding of how dependent we are on each other, and public opinion will keep everyone in this sensation. Nature will force us to it through suffering, but it is desirable to strive for this earlier by a good way.
[60256]

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In the News (from Xinhuanet): “Thousands of Americans pledged to switch their money from bank accounts to credit unions for Saturday’ s Bank Transfer Day, a protest against perceived corporate interests in the American banking system.

“Over 84,000 people signed up to join the protest on the event’s Facebook page, and across the United States participants gathered to celebrate their mass departure from the world of corporate banking.

“Many Americans have recently voiced frustration against the policies of the country’s large banks, who despite accepting bailout money from the American taxpayers continue to impose high transaction fees that some customers feel is just too much.

“The Credit Union National Association (CUNA) estimated that since Bank of America introduced their plans for debit card fees on September 29, over 650,000 Americans have joined credit unions, an alternative to banks.

“In today’ s environment largely critical of corporate interests that some say empower a few at the expense of many, [CUNA Communications Senior Vice President Mark] Wolff believes Americans will be attracted to credit unions specifically because they embody the democratic principles of equal ownership and representation.

“‘Credit unions are Main Street financial institutions,’ he said, contrasting them to Wall Street and the big banks. ‘In fact, you can’t really get more mainstream than a credit union, because credit unions are owned by the members that it serves and is a cooperative financial institution.’

“Although Bank Transfer Day is technically unaffiliated with the larger Occupy Wall Street movement, it voices many of the same sentiments against corporate greed and is supported by most of the Occupy groups around the country.

“Unlike the Occupy Wall Street protests that sometimes involve extensive time commitments and political activism, [Occupy Chicago organizer Sam] Abrahamson believes that Bank Transfer Day is something all Americans can easily participate in to voice their grievances.”

My Comment: We witness new forms of revolution. Increasing the awareness of the population regarding the current situation in the world will eventually lead us to the realization of the true cause of the crisis: It is in everyone, and it is namely we who have to change, to become corrected. For the time being, we observe egoism in others, but soon we will see that it is universal, and we will have to get rid of it.
[60171]

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