TEHRAN (Reuters) – The world has lost control of its borders, its economies, its security and its future because of the global refugee crisis, according to a former chief economist of the International Monetary Fund (IMF) and a senior fellow at the European Council on Foreign Relations (ECFR).
In a wide-ranging interview with Reuters, Michael Wood, who headed the International Institute for Strategic Studies (IISS) from 2007 to 2012, described the global crisis as a crisis of globalization that has created a vacuum in which terrorists and drug traffickers thrive.
Wood said he was not an economist but he knew a lot about it from his academic work and from talking to other economists in the field.
He said the current global refugee situation was a tragedy that had been created by global elites who want to control the global economy.
“It is the failure of a global elite to take responsibility for the economic development of the world, and to use the tools of globalization to control that development,” Wood said in an interview published on Sunday in The Times of London newspaper.
“The world has been lost.
This is the fault of the elites and it has been their failure.”
Wood said the world was losing its sense of security and it was a result of the failures of global elites.
“I was a member of the IMF board from 1999 to 2003 and we had an economic council that was a very successful thing.
It was very successful.
But it had no control over the financial markets.
It had no power over the political process,” Wood told Reuters in an exclusive interview.”
We all saw the failure and we all felt it was going to happen again.
And the reason was that we were not being guided by the wisdom of our leaders.”
The global economic crisis began in 2007 with the bursting of the Arab-Israeli oil bubble.
That crisis brought a flood of migrants from around the world.
It left many refugees in desperate straits.
The most common reason for people to flee is poverty.
But Wood said the real problem was the lack of control.
“There was no central bank, no regulatory system.
There was no control.
We all know that.
So people could be caught in a situation where they could be forced to leave their country,” Wood added.
The refugee crisis is now in its sixth year and is expected to continue for the next six years.
It is now estimated that more than 8 million people are trapped in the Middle East, Africa and Asia, and the number of refugees worldwide is forecast to double over the next decade.
The world needs a “humanitarian catastrophe,” Wood explained.
“A humanitarian catastrophe is when you have an economic crisis.
You have an immigration crisis.
The problem is that when people leave their home countries they are going to find themselves in a very difficult situation,” he said.”
So that is why we need a global crisis.”‘
A disaster’ for the worldThe IMF chief economist said he felt sorry for those who have been forced to flee and for the countries they have fled from, adding that those fleeing are often people of good character.
“But when you look at the situation in Europe and the United States, they have all these very rich countries that have given up on the notion of helping people, but they don’t want to look like the bad guys, they don-t want to pay a price for it.
And so they have been doing the same thing,” Wood continued.
He also described the economic crisis as the most dangerous thing since the Great Depression of the 1930s.
“All this had to have happened because of greed, because of people being able to make money off of their own country, and also because of a desire to be rich, because people were in power.
And I am not saying that is bad.
I am saying it is dangerous,” Wood concluded.
The IMF has set up a task force to monitor the global financial system and the role of global financial institutions in it.