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Has the greatest economic depression just begun?As increasing numbers of economic analysts are starting to predict that a depression is fast becoming unavoidable, with some indicators falling to the levels of, or even below, the Great Depression of the 1930s, a book published at the end of May last year makes for some chilling reading.
The Global Economic Crisis; The Great Depression of the XXI Century, published in May 2010 by Canadian-based Global Research (edited by Michel Chossudovsky and Andrew Gavni Marshall) takes on new significance in light of the response of analysts to last week’s economic indicators from the United States.
In a statement release last week Global Research assesses that “the greatest depression in human history is still in its starting stages. What the media and many officials often refer to as the hangover from the global financial crisis is in fact the end of the beginning.”
Originating in 2008, the global economic crisis took the world by storm: banks collapsed, the too big to fail became bigger by consolidating the rest, governments bailed out their financial industries, masses of people lost their jobs, the developing world was plunged into a deep systemic crisis, food prices rose, which in time spurred social unrest; and the Western nations that took on the bad debts of the big banks are on the precipice of a great global debt crisis, originating in Europe, hitting Greece and Spain, but destined to consume the industrialised world itself. Though many claim that we are in a recovery, things could not be further from the truth.
The statement claims that the mainstream media is finally catching on to the reality of the mirage of the so-called recovery, reports are surfacing about a dire global economic situation:
"Evidence of a deterioration of global manufacturing growth and renewed weakness in job creation in the United States emerged Wednesday, two reversals that have markets bracing for an economic pause, or worse... Add to that a daunting list of aggravating factors: the continued implosion of the U.S. housing market, an outbreak of worldwide risk aversion, high crude-oil and gas prices pinching consumer demand, further tightening in China and other emerging-market economies, stock market losses, lack of credit growth, the looming end to the Fed’s monetary stimulus, weak business capital spending, and the still-unfolding sovereign debt crisis in Europe."
And now top financial experts are warning of a new financial crisis altogether, since the monstrous derivatives market that played such a nefarious role in the preceding crisis has not been altered, nor have its systemic risks been addressed. The derivatives market - essentially a fictional electronic market of high-stakes gambling - has a value ten times that of the entire global gross national product of the world's countries combined.
This market is dominated by hedge funds and the "too big to fail" banks, who in fact created the derivatives trading schemes. As one leading hedge fund manager recently stated, "There is definitely going to be another financial crisis around the corner ... because we haven’t solved any of the things that caused the previous crisis." The market for derivatives is somewhere in the realm of $600 trillion.
The Global Economic Crisis examines the true nature of the crisis the world faces; not only its historical origins, but its depth and future repercussions. “No other book on the subject takes such a nuanced and multi-faceted approach to examining the global economic crisis,” the statement claims.
Over a dozen different authors, researchers, economists, academics and former policy-makers contributed to the book, which includes:
an examination of the history of the central banking system;
the emergence and role of neoliberalism;
the myth of the free market;
the role of war and empire;
the National Security State;
the relationship between economic crisis and the militarisation of domestic society; and more
What others say
Mario Seccareccia, Professor of Economics, University of Ottawa: “This important collection offers the reader a most comprehensive analysis of the various facets – especially the financial, social and military ramifications – from an outstanding list of world-class social thinkers.”
Michael Parenti, author of God and His Demons and Contrary Notions: “In-depth investigations of the inner workings of the plutocracy in crisis, presented by some of our best politico-economic analysts. This book should help put to rest the hallucinations of ‘free market’ ideology.”
David Ray Griffin, author of The New Pearl Harbor Revisited: “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.”
How to get hold of it
The book can be ordered online from Global research or from Take2 for R180.
