---------- Forwarded message ---------- From: Dante-Gabryell Monson <[email protected]> Date: Thu, Aug 18, 2011 at 12:10 AM Subject: Re: "Architecture of post-World War II economic relations is visibly disintegrating." To: [email protected], [email protected], [email protected] Washington Post - Geithner, Bernanke have little in arsenal to fight new crisis Published: August 15 http://www.washingtonpost.com/business/economy/geithner-bernanke-have-little... * * Financial Times - Financial markets at their wits’ endAugust 12, http://www.ft.com/cms/s/0/13a17336-c4dc-11e0-9c4d-00144feabdc0.html#axzz1VJ0... Wall Street Journal - Global Crisis of Confidence World Policy Makers' Inability to Agree on Fixes Led Markets on Wild Ride AUGUST 13, 2011 http://online.wsj.com/article/SB10001424053111903918104576504493072650756.ht... On Wed, Aug 17, 2011 at 6:43 PM, Dante-Gabryell Monson < [email protected]> wrote:
http://www.wsws.org/articles/2011/aug2011/econ-a17.shtml
By Barry Grey 17 August 2011
Excerpts :
The global economy is moving into a new stage of the slump that followed the Wall Street crash of September 2008, under conditions where* the dollar-anchored world currency system has been irreparably destabilized*, the common European currency is being undermined by intra-European imbalances and national antagonisms, and *the entire architecture of post-World War II economic relations is visibly disintegrating.*
It is no longer possible to credibly maintain that the economic crisis that erupted nearly three years ago was merely a temporary downturn, followed by a genuine and sustainable recovery.* Policymakers are being forced to acknowledge that the massive bank bailouts and austerity programs have resolved none of the underlying problems and that the economic situation is deteriorating.*
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“Karl Marx had it right,” Roubini said. *“At some point capitalism can self-destroy itself. That’s because you cannot keep on shifting income from labor to capital without having excess capacity and a lack of aggregate demand.* We thought that markets work. They are not working.”
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