Armin Medosch on Tue, 15 Jul 2008 07:40:59 +0200 (CEST)

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<nettime> structural greed


re: state propping up banks with taxpayers money:
a necessary and deeper look at what is termed 'credit crunch' in capital

Structural Greed:
The 'Credit Crunch'
John Barker

There have been economic and financial 'crises' ever since I remember.
For most people in the world financial crises are anything from an
hourly to, possibly a more privileged, monthly experience. But this is
not what is being talked of now which is instead a 'major event' in the
richer part of the world involving sums of money beyond our ken;
billions and trillions. The fetishistic notion of 'economic collapse'
then gets floated. What does this mean when there are millions of
malnourished people, and when vast numbers of people are continually
scrabbling for a living in the 'informal economy'?

Such 'crises' in the richer world are often dramatized as fundamental,
even terminal to capitalism by anti-capitalist socialists, and sometimes
by excited financial journalists. So far it's been a history of crying
wolf which makes a person wary about exaggerating what is happening now
in this 'sub-prime/credit crunch' sequence.


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