Still The Numpties Pursue Same Old, Same Old.
Obama failed dismally to understand that debt is not a solution to debt. The banking world were not satisfied with solid old practices and designed "products" in the form of financial instruments. This stupidity was aided and abetted by Governments, their "advisers" and the gangster money laundering industry, as they piled in together. Offers unable to be refused were flogged to a high risk, greed fuelled elite and a paper chase involving musical chairs raced away. Then, as this collapsed the answer was to print worthless paper and try to re-establish the ponzi crap all over again. Unfortunately food, water and energy costs were disregarded in the dash for cash. Now inflation is rampant, cash next to useless and a dangerous re-enactment of 2007, (or 1930), in progress.
What ought to have happened was that the austerity required be met country by country. Each nation allowed to sort out their own issues and use their resources to repair smaller regions and populations. A temporary halt to globalisation as we know it. Globalisation that sucks up every economy regardless. Those that came under pressure were embraced by The IMF, the ECB, The USA and German tax revenues. That was until war and conflict swapped one money pit for another.
Globalisation relies on short termism and we need a long term stability programme for the peoples and economies of the world. China,Russia and India seem to "get it". Our lot just keep searching for more people to lend them money to buy votes and fuel corruption.
Bloggers forecast 2007 and are now doing the same for 2012. I really need to be wrong but it's very hard to see how. That is unless there is a significant event in politics. One such event would be the break up of the Eurozone and a subsequent dismantling of a federal EU ideal. Tell you what, if that happened you could have a sort of trading bloc throughout Europe. You could call it a "common market" and get Russia on board. That just might help, do you think? As long as it was fair to fishermen, farmers, industrialists and even banks!