[P2P-F] Fwd: "Architecture of post-World War II economic relations is visibly disintegrating."

[Michel Bauwens]

---------- Forwarded message ----------
From: Dante-Gabryell Monson <dante.monson at gmail.com>
Date: Wed, Aug 17, 2011 at 11:43 PM
Subject: "Architecture of post-World War II economic relations is visibly
disintegrating."
To: econowmix at googlegroups.com, sustainable_solidarity at yahoogroups.com,
hc_ecology at yahoogroups.com


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.”





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