Immanuel Wallerstein
Greek Mess, Euromess, Western Nations Mess, World Mess? Greece’s problems are indeed Germany’s problems. Germany’s problems are indeed the United States’ problems. And the United States’ problems are indeed the world’s problems. Analyzing who did what in the last ten years is far less useful than discussing what, if anything, can be done in the next ten years. What is going on is a world-wide game of chicken. Everyone seems to be waiting for who will flinch first. Someone is going to make a mistake. And then we’ll have what Barry Eichengreen has called “the mother of all financial crises.” Even China will be affected by that one.
