American households will have to sell the housing they had to offered in guarantee of their loans;the price of real estate in the United States will plummet;the credit pyramid,based on the value of American housing,will colapse.Indebted households will become inseolvent.Insurance companies will insist on the payment of premiums.The federal government-itself now paralyzed,like the whole American financial system will be unable to rescue the weakest.Production will slow and joblessness will reach hitherto unknown heights.The crisis could also come more directly from the inability of the financial system to hold on its own savings,which will be invested in increasingly speculative fashion in funds managed on Internet from tax havens.The profitability of capital will no longer be maintained by the rise in the value of assets.The financial crisis is about to explode.
The United States could then become a Scandinavian-style social democracy, or a dictatorship-and even perhaps one after the other.It would not be the first time such a surprise occurred: the first leader to apply the principles required to emerge from the crisis of the eight form was Mosolini;the second was Hitler.Roosevelt came only third.
A Brief History of the Future
First published in French as Une breve histoire de l'avenir by Libraire Artheme Fayard 2006
Miroslav Durmov was born in 1954 in Sofia, Bulgaria. He has graduated from Technical University of Dresden-Germany (MA in Psychology) and obtained his PhD degree in law in Bulgaria. Dr. Durmov has worked on high level executive positions for the government administration until 1988 when he joined the dissident movement. In the first free elections in 1990 he has been elected as a Member of the 7th Constitutional Assembly, reelected to the 36thParliament of Bulgaria and he has served as Deputy Chairman of the National Security Committee. In the 37th Parliament Miroslav Durmov has been appointed as Chief National Security Advisor of the Bulgarian Parliament. After being put on the Black List by the returning to power nomenclature and completely disappointed by the manipulative character of the "transition", in 2003 he immigrated to the United States where he lives with his family. His new life in America could be described as a permanent struggle to keep the balance between meaning and survival.