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SYDNEY: World Bank chief Robert Zoellick on Saturday warned of a "new and more dangerous" time in the global economy, as Europe struggles to resolve its debt crisis.
Zoellick said the eurozone's sovereign debt issues were more troubling than the "medium and long-term" problems which saw the United States downgraded by Standard and Poor's last week, sending global markets into panic.
"We are in the early moments of a new and different storm, it's not the same as 2008," said Zoellick, referring to the global financial crisis.
"In the past couple of weeks the world has moved from a troubled multi-speed recovery - with emerging markets and a few economies like Australia having good growth and developed markets struggling - to a new and more dangerous phase," he said in an interview with the Weekend Australian newspaper.
COMMENT: I think this shows just how frightened the big bankers are today, as we enter the second phase of this economic crisis. It frightens them that they have done all that they know how to do, but it has only slowed down the rate of collapse. The Eurozone, after just 50 years since it was established in 1958, is splintering and has bigger problems than America. In my view, they have only two choices--try to take absolute control through dictatorship, or declare a Jubilee. That is the struggle that lies ahead.
An open dictatorship would cause people to view "democracy" as a failure, even as the collapse of the Soviet Union caused people to cast aside "communism." Such a scenario would be very destabilizing to the whole social order. My suggestion is for the bankers to do things God's way sooner rather than later. We can do this the easy way or the hard way. It seems to me that the start of this collapse in 2007-2008 was the EEU's 50th year--time for a Jubilee.