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Certain analysts believe that a forthcoming economic crisis could be ten times more serious than the one triggered by the Lehman Brothers’ collapse in 2008.
The French daily Le Monde commented: “Never in the economic and financial history of the postwar, has the risk of a systematic explosion of the global economy been so high. We risk a real conflagration, if there is no last-minute wake up of the political leaders of the Western world to prevent a collision between default payment of the United States with the cascading defaults in Europe. The appalling management on both sides of the Atlantic has one thing in common: they are trying desperately to believe that we will resolve decades of fiscal laxity without difficulty. The issue is however much more serious; we need to adjust our lifestyle to our means.”
President Barack Obama was ready to offer substantial reductions of the public debt, but the powerful lobbies behind the Republicans are not interested. The Christian Science Monitor reported, “When you add up the interest payments, Social Security, Medicare, Medicaid, defense operations, active-duty military pay, and unemployment insurance, the costs in August will outweigh incoming funds for that month. Moreover, there would be nothing left for huge areas of the government including federal courts, the FBI, food stamps, Pell grants, highway projects, tax refund checks, or federal employee pay”...
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