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Global Financial Crisis

Latest   Overview   Key Facts   More Info   News Alerts
As deregulation, speculation and capital flows soar to record heights in the global economy, a long-held consensus amongst progressive analysts holds that the current debt-based international monetary system is inherently unstable and unsustainable – and destined for an imminent collapse on an unprecedented scale.

Latest Articles

Hold On to Your Seat: America and Its Debt Based Economy

Stock market crash impending2nd August 07 - John Kelley, Dissident Voice

Yesterday, the Dow Jones dropped 300+ points, down over 400 at its low for the day. Today, it will probably be just as volatile as it has been, but the shape of things to come is not good. We can only ride this irrational over-exuberance about the market for so long before we have to pay the piper. It’s quite simple. While the market was setting a new record July 20th by breaking 14,000, the actual financial underpinnings of the country were growing quite bleak.

 
All Fall Down

Waldon Bello30th July 07, Walden Bello, Foreign Policy in Focus

Ten years after the Asian financial cataclysm of 1997, the economies of the Western Pacific Rim are growing, though not at the rates they enjoyed before the crisis. The region has been indelibly scarred by the crisis. There is greater poverty, inequality, and social destabilization than before the crisis. South Korea’s painful labor market reforms, for instance, have produced the quiet desperation behind one of the highest suicide rates among developed countries.

 
The Asian Crisis Ten Years After
Stiglitz13th July 07, Joseph E. Stiglitz, Project Syndicate

This July marks the tenth anniversary of East Asia’s financial crisis. In July 1997, the Thai Baht plummeted. Soon after, financial panic spread to Indonesia and Korea, then to Malaysia. In a little more than a year, the Asian financial crisis became a global financial crisis, with the crash of Russia’s ruble and Brazil’s real.

 
The Crashing U.S. Economy Held Hostage

Economic crash10th July 07 - Richard C. Cook, GlobalResearch.ca

Remember when the U.S. was the world’s greatest industrial democracy? Barely thirty years ago the output of our producing economy and the skills of our workforce led the world.

What happened? It’s hard to believe that in the space of a generation our character and capabilities just collapsed as, for example, did our steel and automobile industries and our family farming. What then are the causes of the decline?

Here’s how I would put it today: our economy is on an artificial life-support system, a barely-breathing hostage in a lunatic asylum. That asylum is the U.S. and world financial systems which are on the verge of collapse.

 
Another Great Depression?

Threat of economic crash3rd July 07 - Mike Whitney, GlobalResearch.ca

The Bank for International Settlements issued a warning this week that the Federal Reserve’s monetary policies have created an enormous equity bubble which could lead to another “Great Depression”.

The UK Telegraph says that, “The BIS--the ultimate bank of central bankers--pointed to a confluence of worrying signs", citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.

 
Market Failure: The Back of the Invisible Hand

Adam Smith21st June 07 - Ernest Partridge, Dissidentvoice.org

The concept of “the invisible hand,” cherished by self-designated “conservatives,” has its origin in Adam Smith’s Wealth of Nations.

"[The individual] neither intends to promote the public interest, nor knows how much he is promoting it… [H]e intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention."

An unyielding faith in the infallible beneficence of “the invisible hand,” leads to “market absolutism” — the doctrine that whatever government attempts, privatization and the free-market can do better.

 
It’s Official: The Crash of the U.S. Economy has begun

Stock market crash diagram, 192915th June 07 - Richard C. Cook, GlobalResearch.ca

It’s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite.

Pearlstein’s column was titled, “The Takeover Boom, About to Go Bust” and concerned the extraordinary amount of debt vs. operating profits of companies currently subject to leveraged buyouts.

 
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