The financial crisis mutated into a global economic crisis and a state debt crisis. The financial crisis was more than a "bump in the road" or an industrial accident but a systemic and structural crisis that caused $11 trillion of wealth to vanish while millions lost their jobs, homes or pensions. The financial sector expanded as a source of fantastic profits and now must contract.
to read Volkhard Mosler's "The Error is in the System" published in January 2012, click on
http://portland.indymedia.org/en/2012/02/413998.shtml
RELATED LINKS:
"Final Report of the Inquiry Commission on the Financial Crisis," February 24, 2011, 576 pages
www.gpo.gov/fdsys/pkg/GPO-FCIC/content-detail.html
Video: "Final Report of the Inquiry Commission on the Financial Crisis," January 27, 2011, CSpan. 1 hr 10 min
www.c-spanvideo.org/program/297723-1
Video: John Kenneth Galbraith, 2008, 52 min
http://www.youtube.com/watch?v=jNgfIH5pyxg
Hild, Thorsten, "The Rule of Supply-Side Economists," January 2012
http://portland.indymedia.org/en/2012/02/413887.shtml
Konicz, Tomasz, "The Crisis Explained," December 2011
http://portland.indymedia.org/en/2012/01/413591.shtml
Lansley, Stewart, "Managed v. Market Capitalism," January 2012
http://www.eurozine.com/articles/2011-12-07-lansley-en.html
Mosler, Volkhart, "Capitalism Criticism 2.0," November 2008
http://portland.indymedia.org/en/2009/10/394496.shtml
Reuter, Norbert, "Stagnation as a Trend," 2009
http://nyc.indymedia.org/en/2011/09/116251.shtml
Schulze, Ingo, "Capitalism Doesn't Need Democracy," January 2012
http://portland.indymedia.org/en/2012/02/413795.shtml
homepage: http://www.freembtranslations.net
address: http://www.stiglitz-sen-fitoussi.fr/en/index.htm
Comments
Our peculiar application of capitalism has fatal flaws. That will become more evident as time passes. We're at the beginning of the meltdown . The merging of economic, resource and environmental collapse has yet to be played out.
Our application of capitalism is incapable of addressing any of it...If you examine the problems closely, you'll see that solutions contradict the application..
Retired Monk - "Ideology is a disease"
I concur and add..endum
Another interesting link that you've posted.
As I've often said, a successful economy is nothing more than producing required goods and distributing them to those who require them. Our system has no means to do that. The video proposes interesting alternatives....that can.
Even as more education is required, we cut back on education...putting teachers out of work and shutting down schools....increasing classroom size and decreasing educational quality..
In previous panics/depressions, food was left to rot in the fields when people were suffering malnurition. The system had no means to distribute the food to those requiring it.
Colo. dairy farmers slaughtered part of their herds. Not because of a lack of a need for milk...but an inability to distribute the product. A lack of money to buy it..
The video offers interesting alternatives. to dysfunction. An "evolution" into something way better. Mankind has had evolutions before...just not on that scale. The capability to do it wasn't yet there.
Thanks. I enjoyed watching it. It opened new possibilities. In some ways, it reminds me of how a monastery functions.We produce what's required, and distribute it those requiring it. We don't use money to do that..Unemployment from producing everything we need with no more required is a time of celebration...not dispair.
Retired Monk - "Ideology is a disease"