<br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Dante-Gabryell Monson</b> <span dir="ltr"><<a href="mailto:dante.monson@gmail.com">dante.monson@gmail.com</a>></span><br>
Date: Wed, Aug 17, 2011 at 11:43 PM<br>Subject: "Architecture of post-World War II economic relations is visibly disintegrating."<br>To: <a href="mailto:econowmix@googlegroups.com">econowmix@googlegroups.com</a>, <a href="mailto:sustainable_solidarity@yahoogroups.com">sustainable_solidarity@yahoogroups.com</a>, <a href="mailto:hc_ecology@yahoogroups.com">hc_ecology@yahoogroups.com</a><br>
<br><br><a href="http://www.wsws.org/articles/2011/aug2011/econ-a17.shtml" target="_blank"><font size="4">http://www.wsws.org/articles/2011/aug2011/econ-a17.shtml</font></a><div>
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By Barry Grey�<br style="margin: 0px; padding: 0px;">17 August 2011</h5><div><br></div><div>Excerpts :</div>
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The global economy is moving into a new stage of the slump that followed the Wall Street crash of September 2008, under conditions where<b> the dollar-anchored world currency system has been irreparably destabilized</b>, the common European currency is being undermined by intra-European imbalances and national antagonisms, and <b>the entire architecture of post-World War II economic relations is visibly disintegrating.</b></p>
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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.<b> 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.</b></p>
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�Karl Marx had it right,� Roubini said. <b>�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.</b> We thought that markets work. They are not working.�</p>
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