The world community will be watching the German experiment closely to see whether a new economic model take shape there can serve as a template for ushering in a new economic era. Germany's future, as well as Europe's and the world, depends on its success.
The silver lining in the ongoing crisis is that it challenges the world -- about the world being owned by few. Maybe we'll get it all out there for a healthy dialogue and movement for economic justice.
You might have thought things had changed in world financial markets since the U.S. subprime mortgage disaster. Funny that only three years later, the global financial system seems once again to be teetering on the brink.
That Europe is both the name of what ails us and its remedy, that it is among the origins of the crisis and the means of surmounting it should come as no surprise to those who remember the lessons of our masters.
As mayhem breaks out on stock markets; as Eurozone banks freeze up; and as the global financial system approaches a frightening 'danger zone,' the champions of the globalised 'free market' are in search of a scapegoat.
There is no looming financial crisis for the U.S. Government, the scorekeeper for the U.S. dollar. The U.S. Government can't run out of dollars, and it is not dependent on taxing or borrowing to be able to spend.