"Unfortunately… this is going to go on," Araud stated on Monday. "We have seen the end of industrial societies.”
Araud said he estimated that 10 million Americans had lost their houses in the ongoing economic crisis and he acknowledged that a widespread rejection of the liberal principle of free trade was raging across North America and Europe.
"There is a rebellion against free trade… Either we are not going to move forward on free trade or we define a citizen-friendly free trade,” he added. “You cannot say anymore free trade is good. It is not enough.”
Araud told the panel that the United States and European nations all needed to increase their levels of taxation, especially on the wealthy to ensure they could continue to fund social security programs.
