Three words; two countries and a man, summarize what the world can become.
Each one of them embodies a local reality today, which can become a
dimension of the future of the entire planet.
Japan is becalmed in the crisis since 20 years, when a real estate bubble
burst, unearthing rotten credits and often mafia granted by banks. Since
then, nothing was successful, banks are lending with doors wide open using
zero interest rates, public debt is the highest in the world, and yet,
despite the tremendous technological level of the country, growth is almost
zero. And if unemployment does not explode, it is because demography is
disastrous.
Affected by a similar crisis, of a banking system just as rotten, obsessed
by the idea of avoiding such a future, the United States, where real
unemployment is reaching 17% of the workforce, is doing everything to keep
businesses alive and to support the stock market prices, on which depend the
investments of many Americans. And for that, they lend, as Japan has done
for 20 years, in an unlimited way, money to maintain the liquidity of the
system: the Fed buys all debts submitted by the banks. It finances debt by
the printing of money. While in January 2007, the Central Bank balance
approached 1200 billion dollars, it reached 2300 billion in 2010. Not many
people are worried. One of the few lucid players, Bill Gross, president of
PIMCO, the first private creditor of the United States, has just described
the strategy as « Ponzi pyramid scam », that is to say, the mechanism used by
Madoff, who was paying his creditors by using money from other lenders. And
the European Central Bank, despite all its virtuous protests, is acting
similarly by buying the more or less doubtful debts of its members.
In doing so, Western governments actually give all power to the financial
system, which has daily ammunitions, increasingly burdensome to allocate
money where its interests are best served. Huge masses of capital are
speculating on currencies, determining the exchange rate, and are prevailing
over governments.
So, to give the illusion of existence, Heads of State and of Government
meet, take pictures, sign releases, as will be discussed at the next G20
meeting in Seoul, that will end, as the previous ones, by a triumphant press
release, hoping that nobody will have the bad taste to reread the previous
G20 releases.
Then, we shall come to the third level of chaos: a global market without
global rule leads, eventually, to the victory of markets over the law. And
therefore the least legal markets. Today we have an example of a country
without government: Somalia. The market has led to absolute chaos.
Japanization, Madovisation, Somaliazation. These are the three threats,
concrete, and realistic of globalization.
Unless we stop treating of utopian all serious thinking about a world
government. And we no longer refuse to talk seriously about its conditions:
a truly global financial law and international financial court to check the
implementation.