… let me say that in English: the European Union is cracking up. The Arab world is cracking up. China\u2019s growth model is under pressure and America\u2019s credit-driven capitalist model has suffered a warning heart attack and needs a total rethink. Recasting any one of these alone would be huge. Doing all four at once \u201d\u201d when the world has never been more interconnected \u201d\u201d is mind-boggling. We are again \u201cpresent at the creation\u201d\u009d \u201d\u201d but of what?….<\/p>\n
As for America, we\u2019ve thrived in recent decades with a credit-consumption-led economy, whereby we maintained a middle class by using more steroids (easy credit, subprime mortgages and construction work) and less muscle-building (education, skill-building and innovation). It\u2019s put us in a deep hole, and the only way to dig out now is a new, hybrid politics that mixes spending cuts, tax increases, tax reform and investments in infrastructure, education, research and production. But that mix is not the agenda of either party. Either our two parties find a way to collaborate in the center around this new hybrid politics, or a third party is going to emerge \u201d\u201d or we\u2019re stuck and the pain will just get worse.<\/p>\n