Military Review

"The Wall Street Journal": the world faces economic and political instability

Welcome to the crisis economy, says The Wall Street Journal. Steven Fiedler predicts the entire planet unprecedented economic and political instability. Russia will be particularly affected: all the troubles hit her yesterday, at the same time. Here and the sanctions of the West, and the debt dependence of companies that have no money, and the economic downturn.

Anxiety, consisting of a myriad of sources of concern, has swept global financial markets and political capitals, writes in "The Wall Street Journal" Stephen Fiedler. Here and the weakening of the Chinese economy, and the collapse in oil prices, and the escalation of tensions in the Middle East, and the refugee crisis in Europe, and the likelihood of financial chaos, which can be caused by tightening monetary policy in the United States.

Numerous political and economic “hot spots” may in the near future undermine the already “anemic” growth of economies. Politicians, bankers and big businessmen who gather in Davos at the World Economic Forum will not have to discuss any one problem, as was the case with the eurozone crisis in 2010 or Russia’s intervention in Ukraine in 2014, but a number of crises.

The “earthquake” began with the financial crisis of 2008 in the United States, and then swept through Europe. Now it finally shook China. And what is happening there will come to countries and companies from Africa to South America, which thrived on meeting Chinese demand for raw materials.

The first weeks of 2016, the author recalls, were marked by convulsions of financial, energy and commodity markets.

Mark Chandler, head of currency strategy at Brown Brothers Harriman (New York), is confident that the new crisis means "the end of global credit expansion."

And then there is growing geopolitical uncertainty. She is everywhere.

The conflict in the Middle East is exacerbated by an ever more pronounced "alien" war between Saudi Arabia and Iran.

The number of refugees heading for Europe is growing.

The West is in panic over terrorists.

In most of Europe, movements that are against political and economic integration have become popular.

Nuclear tests in North Korea and territorial disputes in the South China Sea show that Asia is not immune from shocks.

Will the political leaders of the world cope with this?

Many critics of the "timid" policy of Barack Obama could call this situation "the emergence of a vacuum that others have tried to fill." But where do such aspirations lead? Chinese leaders have been unable to tame "financial chaos." German Chancellor Angela Merkel and other European leaders are unable to cope with the millions of refugees in Europe. President Putin’s “adventures” in Ukraine led to nothing. Moreover, Putin gave rise to new risks, "sending Russian armed forces to Syria."

Sir Lawrence Freedman (Sir Lawrence Freedman), an honorary professor of military studies at King’s College (London), believes that Western capitals should bear some of the responsibility for the deepening split in the Middle East.

“It can be argued that we are guilty of the deeds of the past, but not of what gave rise to the risks today,” he said, speaking of this very “part of responsibility”.

A big role in the impending new crisis, journalist Stephen Fidler assigns to China: after all, "the shaky Chinese economic expansion" also "complicated the geopolitical perspectives."

According to the author, China "fell victim to the world cycle." At the same time, this country “is undergoing complex structural transformations”. The economy of the PRC is based largely on investment and production, and there is a “bias”: export orientation with low domestic consumption.

The Chinese authorities are now faced with a dilemma: maintaining growth rates with inevitable strong inflation, but the latter will cause a chronic imbalance in finance, including “heavy debts of Chinese companies and state-owned enterprises”. And this path will lead to "further trouble." Trust in the Chinese politicians of the international community is directly dependent on the line that they will adhere to in the very near future. Chinese decisions will affect the economic fate of the world.

“Other signals” that can be used to guess the looming crisis consist in easing global demand. The fall in oil prices and commodity prices in general was a reflection of excess supply only, and stock markets tend to rise on the optimistic assumption of stimulating growth with cheaper raw materials. But this time it was different: raw materials became cheaper, but world stock prices went to the bottom. And this proves that investors see the problem in weakening demand.

Fuel to the fire adds a strong dollar. Trillions of debts denominated in US currency were issued to foreign borrowers, both to governments and private companies and banks in emerging economies. As a result, someone shines default.

And to whom? Here is one place where all problems can happen at the same time: Russia.

This country is suffering from Western sanctions, carried out because of the intervention in the situation in Ukraine. Now oil prices are hitting it: they are already below thirty dollars per barrel. The second year Russia is tormented by an economic recession. Perhaps ahead of her financial crisis. After all, its companies and banks are hardly able to pay off the debts expressed in dollars that they once collected.

Putin’s popularity still depended little on economic failures, the analyst notes. According to him, this is a matter of propaganda: the Russian media "help" his administration to "manage." But how will Putin react to new shocks? Maybe the saber will start again. weapons? Or raise a nationalist theme? Maybe he will decide to return Russia to the global economic order? The author is at a loss, he is "incomprehensible."

Some experts, for example, Sir Lawrence mentioned in the text, believe that Moscow has already excessively puzzled itself in Ukraine and in Syria, and it can hardly withstand the heat of military actions there.

The “torments” of commodity economies like Russia have spread to Latin America. Brazil, the region’s largest economy, is also in its second year in the red. A deep recession threatens further political chaos as the state-owned oil company Petrobras is accused of corruption. Two major credit rating agencies have already lowered the Brazilian debt rating to "junk".

Low oil prices hit the Middle East. The world's largest oil producer, Saudi Arabia, responded to the fall in prices by reducing budget expenditures.

Immediately unfolding and the political crisis. Riyadh and Tehran will be central to any solution to the conflict in Syria. Most likely, Iran and Saudi Arabia will only worsen the already bad relationship - precisely because of the Syrian issue. This will predetermine another round of humanitarian catastrophe, which is already driving millions of refugees to neighboring Turkey, to Lebanon and Jordan. Tens of thousands of refugees rush to Europe every week. All this can "last."

Against the background of migrant flows, European governments "look pitiful." Frau Merkel fell out of favor with her colleagues and now, apparently, she will try to “close” the door to the migrants. Freedom of movement in the Schengen area was a big question. Some governments seek to close the borders. This is a serious test for European integration. In addition, a referendum has been scheduled in Great Britain to preserve the country in the European Union. It will probably be held this year.

And in the US, billionaire Donald Trump rushes to power. (The journalist does not even find it difficult to describe him.)

Not all of the listed events will have long-term consequences, the author points out. But even if some sources of “unpredictability” disappear, all the same, the economic and geopolitical perspectives in 2016 year seem to Fidler “much more unstable” compared to the order that existed on the planet during the previous decades.

* * *

Not a single oasis found in the desert future crises, Mr. Fiedler. It seems that the planet has no hope of getting rid of political and economic catastrophe.

However, the analyst hardly set himself the goal of finding a way out. Ungrateful this occupation - futurology. Today, finance ministers in other countries do not dare to come out with forecasts and rewrite "pessimistic" scenarios of state budgets several times a year.

It is appropriate to recall, however, the popular Western theory of the production changes in the world that may occur in the 21st century. Some economists are still in 2012-2013. It was suggested that China as a “global factory” would not last long: a country that can only stamp consumer goods on someone else’s templates and steal or copy technologies has no intellectual potential, which means there is no industrial future. In addition, the price of labor in China is constantly growing, and soon Chinese goods will lose their competitiveness. With an authoritarian and inept government, the Celestial Empire will plunge into the abyss of crisis, and production will move to where it had previously left, primarily to Western Europe.

Considering the invasion of migrants in the EU, who would rather work and not sit on benefits, we note: this hypothesis looks quite real. She could become part of a new reality if the world would at least gradually abandon the destructive habit consume at all costs. In this case, the existence of the Chinese "world factory", poisoning the air and producing products of low quality, would not be justified.

And then a new geopolitical crisis will break out. For the question will arise: what should all those Chinese do that will remain without work?

Observed and commented on Oleg Chuvakin
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  1. venaya
    venaya 21 January 2016 06: 26
    Russia will suffer especially: all troubles fell on it yesterday, and at the same time

    This "analyst" is seriously confusing concepts, all the troubles really hit Russia yesterday, but this does not mean at all that such troubles will continue to pile on, we are learning, unfortunately, from our mistakes. But most likely we will learn to overcome unfavorable adversities faster than other countries, there are reserves of strength and considerable, time-tested.
    1. Thunderbolt
      Thunderbolt 21 January 2016 06: 54
      The main reserves are people. Unfortunately, in times of such misfortunes, the active part of the population leaves the country. With education: scientists, entrepreneurs, just qualified specialists. This is our gold fund. And I consider the irresponsibility of high-ranking officials to be the main danger. If medium or small what else is caught there or strictly asked for ordinary incompetence, then boyars of a higher rank have the most severe thing that happens to him --- this will get another position. So they jump like fleas.
      1. jjj
        jjj 21 January 2016 10: 06
        That's how much I remember.
        Fifties omitted from infancy.
        Sixties. My father brought a washing machine from Riga. It was an event. There was only enough money for the most necessary. I bought a bike. Adults drank vodka only on holidays at the rate of a bottle per person seven to eight. How parents managed to support us, three children, I don’t know. I know one thing - they did not steal.
        Seventies. Bought a sideboard. We moved to a new apartment. I got a separate room. I ordered the first costume in the studio. Money was already missing. They themselves grew potatoes, salted mushrooms and cabbage, picked lingonberries and cranberries. On Sundays, cakes were baked. There was meat and fish. Even orange juice in cans from Southeast Asia. Service. Marriage.
        Eighties. Olympics in Moscow. For the first time in the Palace of Congresses I tasted the Posolskaya vodka. I tried Finnish cervelat and Fanta. I bought good shoes and a Hungarian terry robe. There was not enough money for living and for children. We ate in canteens. The children studied.
        Nineties. Job loss. Heavy drinking. Divorce. Moving to a different city. Whatever he did. Traded in newspapers for delivery. Was the general director. I was even a financial analyst. Several people, I know, have made fortunes. At the very same place, as at the Latvian ... In the village they grew potatoes, beets, carrots, onions, garlic, salted and pickled mushrooms, picked berries. There were months when there was only enough money for a couple of loaves of bread, a piece of bacon, a bottle of vegetable oil and a kilogram of sugar. Monetary gifts of fate occasionally happened. We bought the first imported TV, VCR, leather jacket. He did not take part in "MMM" and any kind of "Khoprah". From the very beginning I knew that this was an adventure to entice free funds from the gullible. Quit drinking and smoking.
        Zero. We got acquainted with the lending system. Accuracy in making payments has been developed. And the banks turned out to be the most "friendly" to customers. We bought a large TV, DVD, refrigerator, gas stove, computer, and photographic equipment. We started driving south.
        Tenths. Transferred from the train to airplanes. Resort every year. A lot of things appeared in the house. There are ten pieces of down jackets. Pension. Skiing. Extension of beds for growing potatoes, selection work.
        What conclusions can be drawn? Generally sweet never lived. Lack of money was felt constantly. We have been pampered with food retail for the last ten years. And so many people grow products themselves. We return to the previous seasonal type of food. Well, now I don’t eat fresh tomatoes, and I didn’t die. But what salted mushrooms turned out. A cabbage with its own onion. Adversity has always been and always will be. One five-year period is stronger, the other less noticeable. But we survive. My granddaughters already know how to understand mushrooms in the forest, know how to water beds and know how to dig potatoes. It's for the future
        1. user
          user 21 January 2016 10: 40
          Sixties. My father brought a washing machine from Riga. It was an event. There was only enough money for the most necessary. I bought a bike. Adults drank vodka only on holidays at the rate of a bottle per person seven to eight. How parents managed to support us, three children, I don’t know. I know one thing - they did not steal.

          We lived far from Riga, we were loaded into freight cars with all things cats and dogs, not in the Gulag, as someone might think, we just finished the construction of the railway Achinsk - Lesosibirsk (remember Stalin along this road, though it’s not a train, he went to Turukhansk to exile) and sent the entire PMK (a mobile mechanized convoy) to a new facility, and drove away to Tyumen, and then by car to Tobolsk, then another there was no road only in the summer on the ship and by plane.

          They lived in the village with the Old Believers, with those, and not the current ones, their mother drank some water as a mug, the bucket in the canopy stood, so they threw all the dishes in the trash (today you can go to the store and buy a new one, but then differently). Remember Samatlor oil, so before oil began to be extracted there. pulled, first to Tobolsk, and then to Surgut. I won’t write about difficulties, it’s been removed and much has been written, but when the construction began, the supply became such, then I was in closed cities so the supply was no better.

          So the salary that my parents received then, and then there was practically no inflation in the USSR, therefore the comparison is correct, I began to receive only in the late 80s working at an aluminum plant (as then they wrote "the highest salary in the USSR in the ministry of non-ferrous metallurgy" "). When the bridge across the Irtysh was handed over (if memory serves the day of the builder), all these PMKs were in a" bed. "Moreover, the people there were different and of different nationalities and everyone had different goals, they saved some money and went to buy a house for Western Ukraine, my first teacher went home, then Volgograd only began to be restored, others went to Surgut to build a road further.

          Why did I write this, the USSR was a big country and the conditions were different and life stories were also different (as they say now, "living standards are different")
          1. user
            user 21 January 2016 11: 00
            Yes, I forgot to add, as for money, it’s like in that saying;

            "Someone doesn't have enough for a bottle of vodka, while others think that they have small diamonds."
        2. Greenwood
          Greenwood 21 January 2016 14: 00
          Quote: jjj
          Generally sweet never lived
          In fact, there is nothing special to be proud of. And I do not mean you personally. I mean the standard of living in the country at which most of the time people do not live, but survive. There is no confidence in the future, constant reforms, constant surges in currencies and prices, crisis after crisis. And when will we begin to LIVE?!?!
          Quote: jjj
          Adversity has always been and always will be.
          Alas, it is precisely because of such prospects that many still want to leave Russia.
          1. lukewarm
            lukewarm 21 January 2016 15: 21
            Quote: Greenwood
            No confidence in tomorrow

            This is about today's day, hopelessly hopeless. In the 60-70s, the difficulties were perceived, I think differently. (born 1971)
        3. The comment was deleted.
        4. mashine
          mashine 21 January 2016 14: 48
          Quote: jjj
          What conclusions can be drawn?

          I am surprised by people who compare the USSR and the Russian Federation for a consumer basket and for rags. You lose sight of a very important factor in free housing in the USSR. All these rags, bananas, iPhones are nothing compared to their apartment. We lost a lot when we asked our country, and more than one generation will pay for our carelessness and irresponsibility to our homeland. I myself am the 86th year, and I pay for the mistakes of the generation of 50-60. which is better: the apartment is a decent job, a great country (with a hi-tech like Mriya, energy-storm, Vojvod's missiles, navy, army) or the current frenzied capitalism, where each other has a wolf with bananas?
          1. lukewarm
            lukewarm 21 January 2016 15: 23
            The answer is predictable, and on different sites it will be your own. Here, with us - of course the first option. Yeho matzah will simply come up with diarrhea, just ask them such a question ... Yes ...
          2. His
            His 21 January 2016 18: 44
            And in the USSR there were no cell phones ...
            1. EvgNik
              EvgNik 22 January 2016 05: 38
              Quote: Own
              And in the USSR there were no cell phones ...

              Then they were not in the states. As for the VCRs and the TV box, they killed the movie. We closed the only cinema and opened a fitness club in its place.
        5. lukewarm
          lukewarm 21 January 2016 15: 17
          In general, yes. Something like this. It turns out they didn’t live, but survived? And how did they not take their life? Maybe less were sharpened for consumption, rejoiced in another? Maybe yes. There were less temptations (I’m not talking about the 70-80s, the 90s, here they simply destroyed us). And so, in general, it turns out that we never got out of subsistence farming. The events of the coming year will most likely trample us there.
  2. rotmistr60
    rotmistr60 21 January 2016 06: 42
    Another economic apocalypse is approaching the world again. And as it should be, according to the Western genre, Russia will suffer the most. How Americans want Russia to disappear overnight and no longer remind of itself. Local "liberals" howl in unison with them, which was perfectly shown by the "Gaidar Forum". It is not the first and not the last time that our country is being buried, but for some reason (the West cannot understand how this is) continue to live in spite of the enemy.
    1. PSih2097
      PSih2097 21 January 2016 10: 50
      Quote: rotmistr60
      And as it should be in the Western genre, Russia will suffer the most

      it’s just that the whole west wants to survive at the expense of Russia, and the fact that tomorrow the Arabs themselves will begin to cut it, so they don’t pay attention to it yet, but when they pay it back, I think it will be too late.
      1. lukewarm
        lukewarm 21 January 2016 15: 25
        Quote: PSih2097
        Arabs will begin to cut

        all if that. We are there too, at the very top. Those whom we protect - they are unlikely to cut. But if you lose, then just hold the hat.
  3. 17085
    17085 21 January 2016 06: 58
    Sir Lawrence Freedman (Sir Lawrence Freedman), an honorary professor of military studies at King’s College (London), believes that Western capitals should bear some of the responsibility for the deepening split in the Middle East.

    “It can be argued that we are guilty of the deeds of the past, but not of what gave rise to the risks today,” he said, speaking of this very “part of responsibility”.

    It looks like ... Annushka spilled oil, and Wolland is to blame for everything.
  4. mojohed2012
    mojohed2012 21 January 2016 07: 08
    The author, let us say so, is right and wrong at the same time. It is right that since other countries feel bad and without sanctions, so sanctions also apply to us. It is right that our government and the Gaidar forums have shown this - useless in terms of economics. The liberals sitting there, as a minimum - are inactive, as a maximum - they are sitting and waiting for that sea of ​​weather.
    But, as we observe, all the countries of the world - for some reason, have not really begun to pursue "an active economic policy - structural reforms in the economy." Therefore, the inaction of our government is no different from the inaction of the governments of Western countries. Unfortunately, this inaction and waiting leads to a big war, because a bunch of people without a livelihood will not live without work for another 5 years, which economists promise - as the end of the crisis.
    1. PSih2097
      PSih2097 21 January 2016 10: 53
      Quote: mojohed2012
      will not live without work for another 5 years, which economists promise - as the deadline for ending the crisis.

      they are the most optimistic economists, while others consider the global slaughter a way out of the crisis, as it was during the Second World War ...
  5. 31rus
    31rus 21 January 2016 07: 17
    Dear, is this analytics? There are not only predictable and largely accomplished facts, that the crisis in Russia has long been clear and, unfortunately, the president and his team don’t even offer anything but talk. China is now really carrying out reforms, a decline in production, but it’s not a reason to make the situation crisis. There’s still such a nuance, but where is the United States with its debt or their financial bubbles protected from the global crisis, yes, of course, it’s just the same, the USA is an exceptional country and only there they guarantee any security, that’s the whole forecast
  6. Ami du peuple
    Ami du peuple 21 January 2016 07: 29
    The author is at a loss, he is "incomprehensible."

    Stephen Fiedler to prescribe a course of haloperidol, if it doesn't help, put the fuck to sleep. There is still no sense from such "analysts".
  7. parusnik
    parusnik 21 January 2016 07: 47
    “It can be argued that we are guilty of the deeds of the past, but not of what gave rise to the risks today,” he said, speaking of this very “part of responsibility”...Oh okay ... no past, no future ... And you gentlemen, and created this "bright" future ... Our "Darkest", from the rostrum of the UN, clearly told you ..: You understand what you have done ..But apparently they haven’t understood yet .. or don’t want to understand .. What is happening now, it will be steeper than the Second World War .. If then it was burning in some places, Europe, Asia, now the world is set on fire from different sides ...
  8. Nikolay71
    Nikolay71 21 January 2016 09: 21
    According to Pereslegin, the world approached a new phase barrier. And we will either overcome it (the barrier) or new "dark ages" await us. Sergei Pereslegin wrote about this 10-15 years ago. You look at what is happening and you will involuntarily believe.
    1. Orionvit
      Orionvit 22 January 2016 00: 40
      What does it mean to have approached a new phase barrier? Did you come up by yourself? As the late General Petrov used to say, "there are no uncontrollable processes, if something happens in the world, then it is beneficial to someone." The world was very neatly brought up to this barrier. We will not be told who and why, but there are definitely forces that are doing this. And these forces, let's face it, are quite aggressive towards humanity. Who sets up experiments on a global scale, unleashes world wars, revolutions? It is clear that they are not Hitler or Lenin, they are just executors. I just want to once again believe in the "conspiracy theory".
  9. voyaka uh
    voyaka uh 21 January 2016 10: 56
    "that China as a" world factory "will not last long: the country
    which is capable of only stamping consumer goods on other people's patterns
    and steal or copy technology, there’s no intellectual potential,
    which means there is no industrial future either "////

    This is a completely incorrect analysis. China goes the same way that
    Japan took place in the 60s and 70s: from consumer goods and copying everything
    can be copied, before the transition to high-tech production.

    Practical: soon there will be no "made in China" shirts (production will be completely gone
    to Indonesia, Burma, Malaysia, etc.) and there will be cars,
    locomotives, machine tools, etc. "made in China":

    At the same time, China will move from a completely crazy growth of 10-12% per year to
    normal: 4-6% per year.
  10. Barnaul, Altai
    Barnaul, Altai 21 January 2016 11: 54
    Collapse of the United States-will fall and China. because north america is the main consumer of useless consumer goods.
    The main task for the Asians now is to come up with a new ideology for the world that is different from the West, since capitalism has exhausted itself.
    As for Russia, as a patriot, I regret to note the fact that we are trying to integrate into Western civilization. Rotten. Figuratively speaking, "jump on a train that rushes into the abyss" ...
    1. asadov
      asadov 21 January 2016 14: 52
      Well, about the unnecessary, you turned down - now at least half of such consumer goods hangs on you, because unfortunately we are too lazy to produce it. And about the fact that Russia is trying to integrate into Western civilization, I also do not agree. She herself is now trying to find her way.
  11. olimpiada15
    olimpiada15 21 January 2016 12: 15
    The global world economic model imposed by the West is imperfect. Today in the economy of the countries of the world what is about to happen is a crisis.
    And this is an absolutely natural result. It is one thing when specially trained and paid figures and the media broadcast a picture of general prosperity, ignoring by no means good facts, another thing is what really happens.
    Life is always a very logical thing, in the world only what is supposed to happen.
    The crisis of the economic model of the world was inevitable, because this model is built on lies, implemented by the method of deception and the intended result does not correspond to the declared one.
    As for the USSR, its economy suffered from the expenditure of huge funds for confrontation with the West, it is the maintenance of the army in the largest country in Eastern Europe, the support of friendly regimes.
    It was necessary to depart from the confrontation, but not by the method of complete submission to the West. So the claim that the Soviet economic model led to the collapse is a lie. The fact that life in the country was gradually improving, it was, they wrote about it in the comments. If it were not for this model of the USSR that could recover in such a time after the Second World War, the losses were terrible both human and destruction.
    But the liberal model is a monster that leads humanity to degradation. And crises are a component of this model, leading to the intended goal.
  12. pts-m
    pts-m 21 January 2016 13: 21
    In Russia, it is better for the population not to tear themselves away from the earth, and crises come and go. Here only the thieves' tyranny of the state will not calm down.
  13. vladimirvn
    vladimirvn 21 January 2016 14: 00
    - Fuhhhh, finally everything was fine.
    “Did you fix the situation?”
    - No, just scored.
  14. tehnokrat
    tehnokrat 21 January 2016 23: 54
    To the author (O. Chuvakin) “+” for presenting an interesting example of Western “analytics”
    And "analytics" is a fat minus. I will oppose.

    Quote: 31rus
    Dear, is this analytics? There are no just predictable and in many respects already accomplished facts

    That's it!
    1. The enumeration of phenomena, the more so no one disputed, is not an analysis. Analysis, IMHO, involves generalizing, identifying patterns, cause and effect relationships. But instead we are offered a confused set, including "Refugee crisis in Europe", which cannot affect either political or economic stability. Changing the chancellor and a hole in the budget are not world problems.
    2. I will say more: the meritorious “analysts” clumsily, clumsily, try to dismiss the SGA from responsibility for “what they have done”:
    “The conflict in the Middle East is exacerbated by an increasingly apparent“ alien war ”between Saudi Arabia and Iran.”
    “Not only that, Putin also created new risks by“ sending the Russian armed forces to Syria ”
    And who the BV set on fire? Or did we have to sit, wait, when it’s burning with us ?!
    "Chinese leaders were unable to tame the" financial chaos "
    Are you capable?
    “The likelihood of financial chaos that may be caused by tightening monetary policy in the United States” The solution begs: so do not tighten! It turns out incapable? Your currency is assigned to the world, right? What about responsibility, hey, exceptional, your mother?
    "Nuclear tests in North Korea and territorial disputes in the South China Sea show that Asia is not immune from shocks."
    What is the matter to you? Do not pander, and everything without you, sworn, will be allowed!
    "The economy of China is largely based on investment and production, and there is a" bias ": an orientation toward export with low domestic consumption."
    It seems that it is still possible to rebuild from export to the domestic market.

    "Trillions of debts, in US currency, were issued ... As a result, default shines for some"
    And you yourself, of course, without debt? And no problem? But what about this:
    "Earthquake" began with the financial crisis of 2008 in the United States "
    Ah, I understand:
    “If the world at least gradually abandoned the fatal habit of consuming at all costs”.
    So refuse! But no, what about, an exceptional nation (a nation of descendants of the gallows, ha ha)
    “It can be argued that we are guilty of the deeds of the past, but not of what created the risks today”
    In other words, are they to blame for getting into a dish shop, but are not to blame for the defeat left ??
    Only small children say so: “it’s broken”!
    “The analyst hardly set himself the goal of finding a way out”,
    But he gave a forecast:
    “This is one place where all problems can happen simultaneously: Russia”
    And if you wouldn’t go somewhere to Texas, fix your brains! Here we have slippery without snotty!
    The author is at a loss, he is "incomprehensible."
    Taki the author was born into one truthful phrase ...