In recent weeks and months there has been a deluge of articles speculating about the possible scenarios for the escalation of the current crisis and their impact on states, companies and citizens. The common trait of all these forecasts is that they are based on unknown circumstances such as the breakup of the eurozone, demise of the euro and bankruptcy of EU-member states.
One of the main attributes of most forecasts and accompanying discussions taking place online is the utter confusion within the forecasts about what could eventually happen and the probable sequence of events which would have a marked impact on the everyday life of ordinary people.
Nobody has practical experience of the situation in which Europe, and consequently the whole globalized world, is now in. It is of course possible to compare the current situation with Argentina and Russia in 1998, or the US in 2008, but the outcomes predicted have about as much value as a glance into a crystal ball. The Euro-Atlantic region has long been locked together by globalization, but the potential developments in Russia, Asia and especially China are extremely difficult to predict. If that region manages to avoid crisis, it is possible they will serve to pull the West back up after it experiences a moderate decline. But if the East is hit by crisis, all the current forecasts could be considered as wildly speculative shots in the dark.
For more: 2012: an alarming forecast of what may lie ahead | Czech Position
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