Inlumino Global

Debt Re-structuring: Celebration or Illusion?

On the day that the Greek restructuring of its massive debt was hailed as “a problem solved” by Sarkozy, an American congressman insisted publicly last night that America was the wealthiest country in the world and that the country should continue to spend and spend.

It feels to me sometimes, an interested observer of these matters, as if I am living in a parallel reality where my perceptions are at marked variation with the statements of others whom I would assume, normally, would know and say the truth. We, the public, do not know all the truth or even part of it, but even while there are global celebrations of budgetary problems averted, it is acknowledged, sotto voce, that the American debt is so overwhelming there is no more money to spend, and the Greek situation is a problem delayed not resolved.

Meanwhile the Obama administration continues to spend and invest its virtual, non-existent funds on projects to help the jobless figures, no doubt with an eye to the upcoming election, and Eurozone countries pretend that not only Greece but Portugal, Spain, Italy and Ireland, at least, will not be needing bailouts soon – for where will the money come from this time? It would have been tidier and kinder if Greece had been assisted to an orderly exit from the Euro months ago to allow European leaders to focus on the countries with more manageable debts – and it may now be too late to help.

It would be understandable if the attempts to convince us that all in the global economic garden is well were to avoid a fear-consciousness developing in our society. However, the mixed messages of sober reality and  false optimism are creating an undercurrent of unease, and it would be more helpful and fairer for us to be told the truth. The truth, when seen for what it is, need never produce fear (for fear is pointless and a creation of ego) but can generate instead a sense of realism and then purpose as we wake up, and do something about it.

A crisis is a turning point, an opportunity to change and move forward with lessons learned well: instead of celebrating indebtedness and solutions of illusion, let us confront our reality, personal and global, and do what needs to be done. Change.

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