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BOOK REVIEW: "Revolution Required" by Peter Dittus and Hervé Hannoun

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BOOK REVIEW: Revolution Required: The Ticking Time Bombs of the G7 Model by Peter Dittus and Hervé Hannoun (Amazon Digital Services) 2017

The future of the world’s economy looks pretty bleak after reading Hervé Hannoun and Peter Dittus’s new book, Revolution Required: The Ticking Time Bombs of the G7 Model.

Both of the authors worked at the Bank for International Settlements, and they both provide a clear description of the actual situation, of how the financial system works and what we could expect if continuing in this way.

One would have believed that since the financial crisis of 2008, the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) have learned the lesson. But aseven if some regulations have been implemented in the USA and Europe, nothing really changed.

The recent world economy’s good health is mostly due to the fall in the oil prices during the last three years than the accommodative monetary policy adopted by the central banks. And as explained in the Revolution Required manifesto, the low-interest rates have pushed the G7 states to become addicted to debt.

This large amount of money available on the financial market is not going to spread into the real economy but will mostly feed new speculative bubbles. When and how, that are the real questions.

The downturns of the financialization of the economy incited among other by governments, central banks IMF is not the only problems. The authors also denounced the role of the NATO and the military-industrial lobby that vacuum budgets in the G7 countries. The obligation by the NATO members to have a military budget over two percent of their Gross Domestic Product (GDP) and the recent increase of the US’s military budget by President Donald Trump are few examples.

As if it wasn’t enough there is even a bigger problem called “global warming,” due to a too much production of carbon by human activities. Another issue that rulers and legislators have not been able to resolve because of pressure lobbied by the oil and gas industries and others corporations.

The G7 countries have never been rich as before, but at what cost? And who really enjoyed it?

Since the 1970's, data shows that the life in developed countries didn’t improve as fast as the GDP grew. It means that the wealth creation since 50 years has mostly benefited rich people, increasing the gap between the 1 percenters and the rest of us.

The next financial crisis could be an opportunity for everyone to build a better future for the next generations. Let us hope that all these mistakes weren’t for nothing.

Another great book helping people learn more about the reality of our troubled financial system.

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Olivier Rey

Olivier has traveled in 20 countries on six continents before landing in Norman. Native French...

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Red Dirt Report was launched July 4, 2007 as an independent news website covering all manner of news, culture, entertainment and lifestyle stories that affect and interest Oklahoma readers and readers outside of our state. Our mission is to educate, promote civic engagement and discourse on public policy, government and politics. Our experienced journalists provided balanced in-depth coverage of news stories that affect Oklahomans. Our opinion/editorial stories come from a wide range of political view points. We carry out our mission by reporting, writing, and posting news and information. read more

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