---------- Forwarded message ---------- From: Dante-Gabryell Monson <[email protected]> Date: Wed, Aug 17, 2011 at 11:43 PM Subject: "Architecture of post-World War II economic relations is visibly disintegrating." To: [email protected], [email protected], [email protected] 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.* /// “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.” -- P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net Connect: http://p2pfoundation.ning.com; Discuss: http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation Updates: http://del.icio.us/mbauwens; http://friendfeed.com/mbauwens; http://twitter.com/mbauwens; http://www.facebook.com/mbauwens