Global economic crisis

Causes and devastating consequences

Worth a read: The Global Economic Crisis: The Great Depression of the XXI Century
Worth a read.jpg

Some twenty economic analysts, despite a diversity of perspectives and view points, come to the shared conclusion that humanity is at the crossroads of the most serious economic and social crisis in modern history. It makes for compelling and chilling reading that exposes the dangerous interconnectivity of the present day economy crisis as it developed from as far back as 1907.

The Global Economic Crisis: The Great Depression of the XXI Century, published by Global Research with Michel Chossudovsky and Andrew Gavin Marshall as editors is a collection of contributions by, besides themselves, 18 other world-class social thinkers about the financial, social and military ramifications of the present global economic crisis.

The two editors say about the book and its conclusions: “In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The economic crisis is accompanied by a worldwide process of militarization, a ‘war without borders’ led by the United States of America and its NATO allies.

“The conduct of the Pentagon’s ‘long war’ is intimately related to the restructuring of the global economy.

“The meltdown of financial markets in 2008-2009 was the result of institutionalized fraud and financial manipulation. The ‘bank bailouts’ were implemented on the instructions of Wall Street, leading to the largest transfer of monetary wealth in recorded history, while simultaneously creating an insurmountable public debt.

“With the worldwide deterioration of living standards and plummeting consumer spending, the entire structure of international commodity trade is potentially in jeopardy. The payments system of money transactions is in disarray.

“Following the collapse of employment, the payment of wages is disrupted, which in turn triggers a downfall in expenditures on necessary consumer goods and services. This dramatic plunge in purchasing power backfires on the productive system, resulting in a string of layoffs, plant closures and bankruptcies.

“Exacerbated by the freeze on credit, the decline in consumer demand contributes to the demobilization of human and material resources.”

What some analysts say

  • America’s self-destruction started in 1907 when J.P. Morgan published rumor that a large bank was about to fail, followed by a panic resulting in a crash that resulted in the Federal Reserve as a banking cartel. - Tanya Cariina Hsu
  • A world depression, in which upward of a quarter of the world’s labor force will be unemployed, is looming. All the assumptions about ‘self-stabilizing markets’ are demonstrably false and outmoded. The rejection of public intervention in the market and the advocacy of supply-side economics have been discredited even in the eyes of their practitioners. - James Petras
  • Is there an alternative to plundering the earth? Is there an alternative to making war? Is there an alternative to destroying the planet? No one asks these questions because they seem absurd. Yet, no one can escape them either. - Claudia Von Werlhof
  • The recession is creating a ‘fight or die’ environment for corporations and governments around the world. And ... workers carry the brunt of this burden. It doesn’t have to be so. - Shamus Cooke
  • People in different countries are being impoverished simultaneously as a result of a global market mechanism. And, in recent years, both prior and leading up to the 2008-2009 financial meltdown, the prices of grain staples, including rice, corn and wheat, gasoline and water, has increased dramatically at the global level with devastating economic and social consequences. - Michel Chossudovsky
  •  In a globalized economy there are no safe enclaves, poverty and starvation elsewhere can become poverty and wretchedness here (America) as well. - Peter Phillips
  • Historically, warfare has been an instrument of economic conquest. U.S. foreign policy and the Pentagon’s war plans are intimately related to the process of economic globalization. - Michel Chossudovsky
  • Strange as it may seem and irrational as it would be in a more logical system of world diplomacy, the ‘dollar glut’ is what finances America’s global military build-up. It forces foreign central banks to bear the costs of America’s expanding military empire: effective ‘taxation without representation’. - Michael Hudson
  • America escaped from the depression of the 1890s with the Spanish-American War. It only escaped the Great Depression of the 1930s with the Second World War. There was even a recession in the late 1940s from which America only escaped with the Korean War. As we face the risk of major depression again, I believe we inevitably face the danger of major war again. - Peter Dale Scott
  • In testimony before the Senate Committee on Intelligence, Obama’s new Director of National Intelligence, Dennis Blair, warned that the deepening world capitalist crisis posed the paramount threat to U.S. national security and warned that its continuation could trigger a return to the ‘violent extremism’ of the 1920s and 1930s. Clearly underlying his remarks are fears within the massive U.S. intelligence apparatus as well as among more conscious layers of the American ruling elite that a protracted economic crisis accompanied by rising unemployment and reduced social spending will trigger a global eruption of the class struggle and the threat of social revolution. - Bill Van Auken
  • Central bank policies caused the Great Depression and played an enormous role in creating the Global Economic Crisis of 2008 onwards. As the ‘solutions’ to the economic crisis are being implemented, it would appear that those that created the crisis are being rewarded. The central banking system is becoming more globalized, more centralized, and more powerful. - Andrew Gavin Marshall

What others say

  • Provides a very readable exposé of a global economic system, manipulated by a handful of extremely powerful economic actors for their own benefit, to enrich a few at the expense of an ever-growing majority. – David Ray Griffin (author of The New Pearl Harbor Revisited)
  • The Global Economic Crisis is THE most important book of our time because it teaches us how the current global financial system works, and that knowledge will serve as the impetus for the major changes we need to build just, peaceful and prosperous societies on an ecologically flourishing. –  Kéllia Ramares

The Global Economic Crisis: The Great Depression of the XXI Century, ISBN 978-0-9737147-3-9 is available from Global Research at $16 per copy.

Piet Coetzer

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