Archive note: This text comes from the old archive of Nomika Epilekta and is preserved with care for historical and informational reading.

"Crisis" is a word that has entered our everyday life. In recent years this word has been closely linked with the economic crisis. Since the summer of 2007 we knew that the American economy would enter a recession, but two quarters were needed for that forecast to be confirmed. A little later, in August, we began to hear about toxic bonds ("Subprime Crisis"), whose size was very large, while at the same time no one knew its exact size. This meant that the crisis we expected in America and from there in the rest of the world would be very large, and the uncertainty about its size would make it even larger. My purpose is not to analyze in every detail the causes that brought about the crisis, but to identify what its effects are and how they affected the global economy. In reality, the system itself collapsed. For the first time so much wealth was lost, because for the first time there was so much wealth. The former chairman of the F.E.D. (Federal Reserve System - the United States federal central bank), Alan Greenspan, estimated that this crisis left the planet poorer by about 20 trillion dollars, creating a particular impact on the American economy, where it had its roots, but also in Europe, to which it had exported a large part of the problem. One could say it was bubble money, but we had learned to live with that money. To save its banking system, America "printed" 2 trillion dollars and in this way managed to reverse the trend, trying to put liquidity into the system by every means. The F.E.D., in turn, is buying back American public debt. On the other side of the Atlantic, Europe, and mainly the Eurozone, also contributed liquidity to the system, but to a limited extent, since despite the losses its banking system was less exposed. The two currencies, the euro and the dollar, operate as complementary instruments in global wealth. The prolonged recession caused the deficits of Eurozone countries to swell, as well as public debt, which was already enormous both in Greece and in other countries of the South and beyond. Unlike America, the European Central Bank, the E.C.B., cannot finance debt in the way the F.E.D. can. The initial idea of issuing a "EUROBOND" had, and still has, many supporters, because it clearly offers a solution to the problem. Through its issuance it could regulate debts in the Eurozone, giving breathing space to overindebted countries and also to the global economy, since it would add significant liquidity to the system. On the other hand, Germany, a supporter of the "hard euro" because in the previous century very high inflation led it to two world wars, even if it believes that the eurobond is the solution to the problem troubling the Eurozone, does not consider that solution final. The huge primary deficits shown by Greece and other states mean that even if their debt were forgiven, within a few years they would have recreated the same problem. For this reason, the countries of the South must go through a "Protestant purification." This means that primary deficits must become surpluses, thus passing through a long period of poverty. I do not think, however, that the Eurozone can endure until then with a support fund that barely accommodates Greece, Portugal and Ireland. The large economies of Europe are next, and the eurobond appears to be the only solution of unity.