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This time of year is marked by a fraught pre-Christmas anxiety, exacerbated this year by the economic crisis. My daughter Rachel lost her part-time job last week. Her loss is slight compared to her employer's, a young mother who works in the finance industry.
After the 2001 Argentine economic disaster, workers' collectives organised to autonomously run their enterprises. The collapse of the ABC Learning empire should not be seen as a total calamity, despite the obvious potential for fallout.
The outcomes of the G20 meeting this month demonstrate the limited vision of many of the world's politicians in confronting the global financial crisis. If our leaders can't imagine a different future, it is up to us to do so.
Circumstantial evidence suggests that during the past few weeks we have seen a massive manipulation of monetary policy to support US bank stocks. The manipulation has been played out in plain view, which, of course, is the best place to hide a secret.
As I walk the streets of Manhattan, things seem much the same as always. Yet newspapers are peppered with references to the market 'cratering', a term that conjures the desolate landscape of the moon. A friend suggested another interpretation: 'A crater is what's left after a massive explosion.'
On the day the markets bled we rushed to hear Stiglitz's diagnosis. The Nobel Laureate used to be Chief Economist of the World Bank, ending his term in fisty cuffs with the IMF and the US over their financial bullying of developing nations. Stiglitz had schadenfreude written all over his face.
The 'trickle down' of wealth proclaimed by neo-liberalism is debatable, and hardships flowing from sub-prime activities descend on the disadvantaged with the finesse of a freight train. Some economists have demanded the GDP measure be replaced by goods and services data that promote the common good.
The problems besetting Wall Street investment banks seem a long way from life in downtown Australia. The need to know the context of the economic crisis, and to keep a clear head, has never been more important.
193-200 out of 200 results.