Panic in the New World Order

Saturday, June 23, 2012
By Paul Martin

By: Gary North
Market Oracle
Jun 23, 2012

For the first time in my career, I see the international establishment, sometimes called the New World Order, facing a crisis so large that its very survival is at stake. For the first time, these people are scared.

There are not many of them. In his book, Superclass, author David Rothkopf estimates that there are only about 6000 people at the top of the pyramid of world power and influence. They are mostly males, and at least a third of them have attended America’s most prestigious universities. Most of the others have attended comparable universities in Europe.

The crisis in Europe is clearly beyond anything that this generation of establishment leaders has ever seen. The last time that anything like this faced the European establishment, it led to World War II.

During the entire postwar period, the United States has been the dominant force in the West. The United States government through the Marshall Plan wrote the checks to keep the European governments afloat, and it funded most of NATO, the mutual defense system that was set up to constrain the expansion of the Soviet Union.

The United States is no longer in a position to bail out anybody. It is running a massive trade deficit, and is running a massive federal deficit. Europe realizes now that, from an economic standpoint, it is on its own. If there are solutions to the European economic crisis, these solutions are going to have to be generated inside the eurozone.

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