Tuesday, January 22, 2008

Robert Brenner on world economic crisis

IV Online magazine : IV396 - January 2008
US/World Economy
Devastating Crisis Unfolds
Robert Brenner

THE CURRENT CRISIS could well turn out to be the most devastating since the Great Depression. It manifests profound, unresolved problems in the real economy that have been — literally — papered over by debt for decades, as well as a shorter term financial crunch of a depth unseen since World War II. The combination of the weakness of underlying capital accumulation and the meltdown of the banking system is what’s made the downward slide so intractable for policymakers and its potential for disaster so serious. The plague of foreclosures and abandoned homes — often broken into and stripped clean of everything, including copper wiring — stalks Detroit in particular, and other Midwest cities.
The rest is here. It's taken from Against the Current 132, where it seems to be an editorial statement.

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