Collapse of the Global Economy

Collapse of the Global Economy 

Written by Alfonso Elizondo

At the time of the publication of Alvin Toffler’s famous book The Third Wave, this narrative genius was already predicting that humankind would soon change its paradigms and its way of looking at the world and at business. Toffler thought that globalization would generate mergers between companies and that corporations would operate on a global level, without those decisions being taken democratically by the leaders of the nearly two hundred nations that are members of in the UN. Toffler’s vision notwithstanding, ten years later, society is very confused in the way it handles the economy and finance and has embarked on a program of unprecedented squandering of money on luxury goods and services that has led to scarcity of basic food items, chaos in the exploitation of oil and alternative energy sources, as well as the remaining water on the Planet. There are no more atomic bombs, no missiles and shields against nuclear weapons, but we are seeing a deep, hidden dispute over global economic and financial power.


The traditional media no longer reports on these issues, financial advisors have stopped giving advice to the public and brokers do not offer solutions. Perhaps, some network bloggers and a few financial analysts have the courage to say that we’re living at a time close to a calamitous financial collapse of cosmic proportions. According to Alexander Higgins, who is recognized as the most reliable blogger in the United States, in recent days capital has fled European banks at a rate of 10 billion euros per week. He says citizens of Greece, Portugal and Ireland are withdrawing their savings from banks to buy gold, Swiss francs and Japanese yen.


All bank reserves are going down and looking for some safe place outside the euro zone as they think that currency will not last for long. There’s no denying what Obama said when he was the President of the United States: that billionaires would have to pay taxes so that the state could deal with the huge monetary and financial crisis that began from the beginning of the 21st century.


According to Paul B. Farrell, economics expert of The Wall Street Journal, this serious global conflict began in Egypt with a Facebook page published by a young Google executive and then it went viral with Mubarak’s political regime when youth protests spread to Libya and Syria. These same populist movements are now threatening Spain, England and Germany, as well as many other countries in Europe and something similar has happened in Chile, where young students took to the streets to demand changes from their government. This is also happening in Bolivia, where indigenous people have marched against the destruction of vast areas of the rainforest due to the invasion of coca cultivation and the construction of a road that would destroy one of the planet’s most important biodiversity reserves.


Ferrell says that in England there is no longer the same economic security that existed before Brexit and there is a populist offensive led by gangs of the unemployed, trade unions and vandals. In Germany anti-globalization activists are calling for job opportunities and are causing major policing problems in Berlin. There is a general climate of discontent throughout the country due to the low levels of economic growth and because the government allocates large sums of money to save other European Union countries.


Not only in the three countries mentioned, but throughout Europe, thousands of confused youths have come out into the streets to protest against a system of contrived falsehoods, such as ‘multiculturalism’, ‘diversity’ and so-called ‘fundamental human rights’ which have created a huge army that lives on social welfare, and political leaders who do not offer solutions, but use their jobs to enrich themselves personally and have no vision or ideas. Hand in hand with the most powerful class in the current financial system, they have led the whole of Europe and the world to a chaotic point, a process that seems to be gathering momentum with the presence of Trump.


Production has stopped in the rural areas and cities are places of mass consumption. Pollution of the environment has exceeded all possible limits in spite of the million-dollar sums that have been invested to solve these problems. The discontent of the masses is growing and spreading throughout the world. In the Middle East, all those who are and have been their leaders, from Mubarak, Gaddafi, Assad to the Saudi caliphs, believed they were living in a billionaire’s paradise, protected by the gods who had chosen them to own and enjoy all the Earth’s great fortune. But suddenly there emerged a new generation, educated according to western standards and frustrated with not having jobs. They rebelled, claiming the share of economic benefits due to them and they sparked powerful revolutions that ousted and sometimes killed those political leaders.


The Bloomberg consulting firm says youth unemployment is fueling a populist youth revolution around the world, while Mathew Klein, foreign relations researcher for The New York Times, compares the 25% unemployment rate among young revolutionaries in Egypt with the 21% unemployment among young workers in the United States. Bloomberg concludes that young people around the world will be the most affected by the budget adjustments made by current governments which will raise taxes on workers and cut spending on education. Subsidies and benefits for adults will still be untouchable, as will the tax cuts for the very rich.


Addendum: The global financial collapse, according to the modern-day Nostradamuses who still post their ideas on the Internet, is that apparently all the rich countries of the world are on the same path to self-disintegration that began in Egypt.