x

You’ve reached your limit of free articles for this month.
Get unlimited access to The National Herald,
starting as low as $7.99/month for digital subscription & $5.99/month for a delivery by mail subscription

Editorial

Who Rules the World?

That something is not right at all in the world today is, I believe, clear. And this ‘something’ is not limited to one sector, i.e. the economy, or a single country, i.e., America. Instead, it encompasses the entire planet Earth – with unforeseen consequences.

Let’s look at some examples from the current news:

Inflation in the European Union jumped to a 10% annual rate in September, compared to the previous month’s 9.1%.

Just a year ago it was only 3.4%!!!

In Germany, Europe’s largest economy and a country that has paid dearly – itself, as well as humanity – for its high inflation experiences, has a galloping inflation rate that rose to 10.9% from 8.8% the previous month. It was the highest rate of inflation in Germany since 1951!

So how can far-right parties in Europe not gain percentages of the vote that a few years ago no one could have imagined?

The increase in inflation is basically due to two factors: increases in price of energy and of food.

It should be noted that in Germany the price of Energy increased by 44% (!) in September.

In America, the cost of borrowing to buy a house doubled to 6.7% from last year, with a natural consequence that sales of real estate have slowed down.

Central banks, led by the Fed in the United States, have begun a race to see who can raise interest rates the most and be the quickest to win the fight against inflation.

In Great Britain, the new government took radical measures to ‘resurrect’ its comatose economy by deeply cutting taxes. This had the immediate effect of sinking the once strong British pound to unprecedented levels of near parity with the dollar! Since then it changed course.

And in Turkey, the tragic Erdoğan continues to bang his head against the wall with his crazy unorthodox economic experiments, further lowering the interest rate, at a time when inflation is likely to exceed 100%, -its 83% officially- and while government and corporate debt are swelling with the consequent continuous rise of the dollar.

And, moreover, he continues to threaten Greece with war if we don’t offer him the ‘heads’ of our islands on a platter.

Meanwhile, no one knows exactly what is going on in China in general and with its economy in particular, giving rise to various rumors.

More: the president of Facebook, Mark Zuckerberg announced a freeze in hiring and warned his employees to fasten their seat belts for a “intensive period” of 18-24 months.

And while all this is happening, Putin, the main culprit behind the energy price hike, is celebrating the annexation of four Ukrainian provinces by Russia.

I could go on giving examples, but there is no point. The message is clear: We are in a world that is in free fall, with no “policeman” to enforce order.

This role was once played by America, either alone or in tandem with the Soviet Union. No one plays that part anymore. Now everyone is looking out for themselves.

And this is extremely worrying because in similar cases in the past – even from the time of ancient Greece – humanity was led into great adventures in such circumstances…

RELATED

Guidelines on use of articles from The Conversation can be found at http://bit.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

A Palestinian Baby in Gaza is Born an Orphan in an Urgent Cesarean Section after an Israeli Strike

RAFAH, Gaza Strip (AP) — Sabreen Jouda came into the world seconds after her mother left it.

NEW YORK  — Monday's opening statements in the first criminal trial of a former American president provided a clear roadmap of how prosecutors will try to make the case that Donald Trump broke the law, and how the defense plans to fight the charges on multiple fronts.

ASTORIA – The singer Anastasia visited St.

CHICAGO, IL – This spring, Wrightwood 659 hosts Chryssa & New York, the first museum exhibition in North America in more than four decades to focus on the Greek-born artist Chryssa (1933–2013).

NEW YORK – Greek-American George Patrikis, owner of Ditmars Flower Shop in Astoria, was featured in the New York Times on April 15 about the rise in the cost of a dozen red roses from $60 in 2019 to $72 today.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.