Is there a serious threat to the world? It is the state of the global economy and the misdiagnosis of today’s world recession. It is, above all, a consequence of the hyperproduction of goods, and only then of ‘greedy bankers’.
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Written by: Miodrag Šajatović |
The world on the brink of a new crisis has no understanding for patients like Croatia. Everyone is trying to save their own skin. |
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Perhaps the Mayans were right when they designated 2012 as the last year of their calendar. Those who have walked through the remnants of their cities, sanctuaries, and observatories will not easily dismiss their predictions. I do not mean a natural catastrophe that will destroy the world. Nor a nuclear disaster. It could be about the world economy. If there is a serious threat to the world, it is the state of the global economy and the dead end it has reached. Something radical must happen. Why not in 2012? The latest summit of the G20, the most developed countries, once again showed that even the leaders of the most powerful countries do not know what to do and how to prevent another plunge into global recession, and perhaps even into a new Great Depression. Old recipes no longer heal. Reducing state deficits by cutting budget spending spirally reduces demand and collapses GDP. Unlike Germany or Britain, the USA would solve things by ‘stimulating demand’, which is why Obama and his advisors do not care about reducing state borrowing, but continue to stubbornly ‘pump’ demand regardless of the cost. And the cost could be the bankruptcy of the national budget in a few years. Global Lack of Ideas To understand the world we live in, it may not be a bad idea to look at things from another angle. A few months ago, the distinctive Slovenian economist Dr. Jože Mencinger spoke about this in Lider. His thesis is that this is not a financial crisis, but a crisis of hyperproduction! Hyperproduction is to Blame An American who already has three televisions at home will not buy a fourth. In the circumstances of an extremely uncertain future, even the citizens of Croatia will no longer reach for their cards as before. Is there a way out on a global level? More than two billion people in the world live on two dollars a day. If they had much more money, they would certainly start buying everything that we, who belong to the five percent of the richest part of humanity (yes, most citizens of Croatia are in that privileged group, no matter how strange that may seem!), are not buying at this moment. However, this would require a radical change in the structure of global wealth, and that is then ‘the catch-22’. If the world’s intellect finds an answer to how to establish global development on new – real – foundations, 2012 could be a positive turning point. A reason for a new calendar. If the spinning in circles continues as before, the Mayan prophecy could be ominous. |
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