In the room that is.
Funny how we only seem to be able to focus on one ‘big’ problem at once isn’t it?
Currently, the news is full of ‘Grexit’ – the Greek exit from the Euro – and there are two camps. One tells us that it can’t possibly happen, the other tells us that it must, we must have chaos now to avoid a slow, lingering and painful death if ‘Grexit’ doesn’t occur.
But there are some other elephants in the room:
- The outcomes of both ‘Grexit’ scenarios (a rapid exit and chaos – ‘Grexit’ – or staying in the Euro Zone and a long, slow painful death – ‘Grexin’) are the same. That outcome is a legitimacy crisis for those that rule over us. More on that here. Now, as an aside, I just thought up the term ‘Grexin’ which according to a quick Google search is US slang for moaning …
- The Euro Zone isn’t the only ‘crisis of growth’ – so are the BRICs and particularly China – see this Atlantic article.
Again the outcomes are the same. A crisis of legitimacy for those that rule over us in the West and within the BRICs.
The real elephant in the room is the outcome of all of this. Most, if not all ‘advanced’ and emerging’ economies are facing the same test – a crisis of legitimacy. People like me say that this crisis of legitimacy could be the next phase in the ‘globalization’ process.
One final thought for you as you ruminate over that last point.
In times of crisis and economic disaster, people might not want democracy …