The loss of market confidence in economic leadership in key countries like the United States and Europe coupled with a fragile economic recovery have pushed markets into a new danger zone, something that policymakers have to take seriously, the head of the World Bank said on Sunday.
Speaking at the Asia Society dinner in Sydney, Robert Zoellick also said the global economy was going through a multi-speed recovery, with developing countries now the source of growth and opportunity.
"What's happened in the past couple of weeks is there is a convergence of some events in Europe and the United States that has led many market participants to lose confidence in economic leadership of some of the key countries," he said.
"I think those events combined with some of the other fragilities in the nature of recovery have pushed us into a new danger zone. I don't say those words lightly ... so that policymakers recognize and take it seriously for what it is."
IOW: A GLOBAL DEPRESSION WILL OCCUR IF THE EU, ECB, THE USA AND CHINA MAKE THE WRONG MOVES.
- THE EU AND THE ECB NEED TO CONTAIN THEIR DEBT CRISIS.
- THE USA NEEDS TO CONTAIN ITS DEBT CRISIS.
- CHINA NEEDS TO ALLOW THEIR CURRENCY TO FLOAT.
- AND OPEC SHOULD LOWER THE PRICE OF OIL TO AT MOST $50.BARREL.
ONE REASON DEVELOPING NATIONS AR GROWING IS THAT THEY ARE EXPLOITING THEIR NATURAL RESOURCES - CHINA ITS COAL AND BRAZIL ITS OIL.
THE USA NEEDS TO DO BOTH.
- WE MUST START DRILLING EVERYWHERE WE HAVE OIL
- AND WE MUST START USING AS MUCH COAL AS WE CAN.
THE ONLY THING PREVENTING THIS IS THE INSANE MYTH ABOUT CLIMATE CHANGE STARTED BY LEFTISTS POSING AS CO2PHOBIC GAIA WORSHIPERS.
OTHER THAN JIHADISM AND SOCIALISM (AND ITS CONCOMITANT REDISTRIBUTIONISM AND COLLECTIVISM) - THE MOST DANGEROUS AND HARMFUL IDEOLOGY ON EARTH IS CLIMATE ALARMISM.