Book and film reviews

The global disaster

from Walter Wittman

Langen-Müller / Herbig, Munich 1995

(Published in GralsWelt 6/1997)

When it comes to economic issues, people are particularly talking about the Maastricht Treaties, the imminent introduction of the “euro” and the seemingly unstoppable globalization of the world economy.
What is overlooked is the fact that all these expected innovations - good or bad - can be overwhelmed by the increasingly dangerous debt crisis of almost all countries.

While job optimists in business, politics and banking make us believe that everything is going well and that the future is bright, critical voices, such as those of Paul C. Martin, who has been warning of impending national bankruptcy for many years, are fading.

Now that countries that are regarded as solid, such as the Federal Republic and even Switzerland, have left the financial policy "path of virtue" in recent years, it is time to deal with the illuminating and shocking considerations of the Professor of Public Finance at the University of Friborg (Switzerland ), Dr. Walter Wittmann to familiarize yourself. In his book “The Global Disaster” he warns emphatically against the ruinous financial policy of almost all - democratic as well as authoritarian - states whose responsible leaders have learned nothing from history and do not want to learn anything.

If you don't want to be stuck one day with incredulous amazement in a financial chaos that has come as a complete surprise to you, you should read this book, which also offers practical tips for investors.


The central problem of the industrialized countries is the welfare state. He uses the growing debt to finance his rampant subsidies and social spending. It is typical for him not to annoy his voters with additional taxes, to shift the financial burdens to later generations. Behind this is the intention to exploit upper income and wealthy classes, to expropriate them in the cold way. Communists have always declared national debts to be "null and void", made tabula rasa when they took over power. The democratic socialists inflate the debts away, destroy the monetary values or declare themselves bankrupt beforehand. Property owners don't get away with it unscathed either. On the one hand, they can hardly sell their property in "bad times"; on the other hand, rents are largely canceled, and thirdly, the tax authorities largely skim off the profits. According to the usual currency reform, owners are called upon to balance the burdens and have to put themselves into debt for this.

Since ancient times, the welfare state, bureaucracy and debt have always formed the prelude to later bankruptcy, the decline and fall of nations. The money economy is ruined, the natural and shadow economy flourishes. The all-dominant protectionism hinders and prevents global trade, causing it to collapse. The world economy is falling into a deep crisis, and the depression is spreading. The free movement of capital is interrupted, investors are mercilessly at the mercy of their state. Poverty spreads unhindered, social security fails. Internal security is lost in the course of social and political unrest. The chaos is often ended by dictatorships from the left or the right. Democracy is going bankrupt both financially and existentially. "