The West's Fatal Overdose

Now they're celebrating again. An "historic compromise" had been reached, German Chancellor Angela Merkel said at the conclusion of the G-20 summit in London, while US President Barack Obama spoke of a "turning point" in the fight against the global downturn. Behind the two leaders, the summit's motto could clearly be seen: "stability, growth, jobs."

When the celebrations have died down, it will be easier to look at what actually happened in London with a cool eye. The summit participants took the easy way out. Their decision to pump a further $5 trillion (€3.72 trillion) into the collapsing world economy within the foreseeable future, could indeed prove to be a historical turning point -- but a turning point downwards. In combating this crisis, the international community is in fact laying the foundation for the next crisis, which will be larger. It would probably have been more honest if the summit participants had written "debt, unemployment, inflation" on the wall.

The crucial questions went unanswered because they weren't even asked. Why are we in the current situation anyway? Who or what has got us into this mess?

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