The seven headed beast seems to be a universal image, appearing in different cultures. It is mentioned in Saint-John's Book of Revelation, but also in eastern mythology. It is a nice metaphor for the economic crisis that we don't seem to be able to defeat and that we have in common with the countries in the East.
1) The first head stands for the psychological aspects of the crisis. The crisis destroyed confidence and created anxiety. Individual anxiety created mass anxiety and mass anxiety created individual anxiety. Anxiety created hyperactivity and Beschleunigung. Hyperactivity and Beschleunigung created anxiety.
2) The second head stands for the moral aspects of the crisis. Hubris and greed pushed the world into this crisis. Generosity needs to take us out again. The economic crisis is also a moral crisis, a crisis of good and evil.
3) The third head stands for the financial-monetary aspects of the crisis. There is the stability of the banks and the stability of the currency. Some European politicians claim we have already beheaded this third head.
4) The fourth head stands for the socio-economic aspects of the crisis. The increased poverty. The insurrection of the middle classes. The Keynesian question: should we inject money in the economy (De Grauwe) or should we promote austerity (Merkel)?
5) The fifth head stands for the political aspects of the crisis. How do we master government debt? How fair is our taxation? How do we deal with migration in times of crisis? What to do when jobs and capital want to leave the country and poor people want to enter the country?
6) The sixth head stands for the technological aspects of the crisis. The technicity and lack of transparancy that created the crisis. The increased complexity of technology that makes investment cost and investment return unpredictable. Even qualified manpower feels helpless in the daily battle of complexity. The loss of control in management.
7) The seventh head stands for the geo-political aspects of the crisis. The depletion of raw materials and agriculture soil. Ecology and mobility, The globalisation and the clash of civilisations.
It is never sufficient to cut off one head of the beast. If you leave one head untouched, this head will be your death.
So it is clear that this requires a collective effort. Let me know what would be your preferred head to cut off. But remember it is not always the knight who wins. Sometimes the dragon wins.
