Another ‘House of Cards’: The Demise of Economies of Excess

GurujiMa  | 

The current situation in Greece is both a prototype and a signal for that within other nations where the threat of destabilization due to overextended spending runs high. New economic structures are needed based on living within a state of balance with the available resources within one’s own life, community, nation, and Earth.

The house of cards which collapsed in 2008 in the U.S. related to sub-prime mortgage lending and the overextension of credit, also applies to the nations of the world and the way that debt is incurred in excess of national income (GDP).

We witness, today, another ‘house of cards’ in relation to the European Union, an economic and social structure whose steadiness has recently been jeopardized by the threatened default by Greece on its payments and the anticipated repercussions this would have on the Euro and on relationships between nations. At the present time, money to bail out Greek debt is in the process of being made available via a loan to Greece, (primarily by Germany where a vote on this takes place this week), and by the International Monetary Fund (IMF) to prevent such default. All EU nations fear that Greek bankruptcy would destabilize the entire foundation of the European Union because of the complex set of economic interrelationships.

However Greece is not the only nation in jeopardy. Many others are walking a razor’s edge between sustainability and collapse into the mire of excessive spending and debt which they would not be able to extricate themselves from. The ratios of national debt to national income (GDP) in France, Belgium, Spain, and others within the European Union are also teetering in the same unstable way as that of Greece.

The presence of spiraling debt and insufficient income to balance it is based on the idea that spending on credit can go on forever. It has the same ideological foundation as the overextension of credit in the U.S., based on the psychology of always wanting more and the need to support an ungrounded and excessive way of life.

The situation in Greece is both a prototype and a signal for that within other nations where the threat of destabilization due to overextended spending runs high, and there are no immediate measures being instituted to counteract this trend.

New economic structures are needed to change this picture that will emerge out of the new vibration of light. What is apparent is that the old system is not working and that new values must replace the old so that the idea of ‘having what you want because you want it’ without counting the cost to others or to the Earth is no longer acceptable. The alternative, embedded within the values of oneness and respect for life as a whole, involves living in a state of balance with the available resources within one’s own life, community, nation, and Earth.

The idea of living in balance and not in excess and of redefining what is needed is one whose time has come.

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