Subjects Archives: Financialization

  • Simple Solution to a Financial Crisis

      Seeing how the Democrats seem incapable of figuring out the boondoggle Bernake and Paulson are in the process of engineering, I thought I might outline a modest proposal for a fair resolution to the present financial crisis. Buy two trillion dollar toxic sub-prime at 40 cents on the dollar; disaggregate, repackage and sell back […]

  • The Financial Crisis: Will the U.S. Nationalize the Banks?

    The political conflict over the Bush administration’s plan for a bailout of the banks, brought about both by differences with the Democrats and even more intensely with rightwing Republicans, makes it highly unlikely that Congress will be able to pass a bailout plan that can stabilize the financial situation along the lines that Secretary of […]

  • The Financial Crisis: A View from the Left

    Faced with the failure of the financial sector and the possible collapse of the economic system, Republicans and Democrats are working together feverishly to come up with a plan and find the funds to save the American financial system.  The Congress that has been unable to provide adequate funding to health, education, housing, public transportation, […]

  • A Turning Point for the Global Economic System

      The financial sector meltdown spelt an opportunity for the system to reinvent itself. Will the financial sector meltdown in the developed economies lead to a rethink about the path the global economy has traversed in the last few decades? Simply put, will it curb the primacy of finance, will it rein in the penchant […]

  • The Financial Meltdown Continues

    Virtually the only certainty in the current financial situation is that there will be more problems ahead.  Those who controlled the levers of economic and financial policy neglected their greatest responsibility, which was to ensure an orderly financial market and prevent exactly the sort of collapse that we are now seeing.  This was a policy […]

  • The Current Situation of the United States Economy

    A Briefing to the Vietnamese Central Committee Delegation, September 11, 2008 The economic situation of the United States today is widely understood to be the most serious since the Great Depression of the 1930s, and not only for this country.  So far the actions by the government have been inadequate, late, and do not address […]

  • Venezuela from Below: Interview with Political Theorist and Journalist George Ciccariello-Maher

    (1) I thought it might be best to begin the conversation by getting a sense of your personal political trajectory, how you were drawn to Venezuela, some of your most memorable experiences from your time in Caracas, and how all of this has translated into your perspective on revolutionary change.  In short, what did Venezuela […]

  • Crisis of Social Partnership: Collapse of National Pay Talks in Ireland

      The 21 year old social partnership pact between unions, employers and the Government in Ireland is entering one of its periodic crises as one national pay agreement Towards 2016 begins to run out and talks on a successor have collapsed. The Government is expected to attempt resuscitation in late August or early September, writes Padraig […]

  • Is Iran Currently an Existential Threat to the United States? A Side-By-Side Comparison of Military Capabilities

      A side-by-side comparison of the two countries’ conventional military capabilities demonstrates the overwhelming superiority of the United States. It is time to inject realism into discussions about U.S.-Iranian relations. Hyping the threat about Iran obscures the bottom line: Iran does not currently represent an existential threat to the United States or its allies, and […]

  • Senate Finance Committee Approves “Iran Sanctions Act of 2008”

    On June 18, the Senate Finance Committee held a hearing to mark up an original bill, the “Iran Sanctions Act of 2008.”  Despite opposition to provisions in the bill from members of the Committee and the Bush administration, the committee overwhelming approved the bill 19-2. On June 17, Secretary of State Condoleezza Rice wrote Senate […]

  • The Current Financial Crisis and the Future of Global Capitalism

    Prophecies of Downfall The fact that Marx finally began with the composition of his long-planned economic work in the winter of 1857/1858 was directly occasioned by the economic crisis that broke out in the autumn of 1857 and the concomitant expectations of a deep trauma from which capitalism would no longer recover.  “I am working […]

  • Global Economic Crisis: Interview with John Bellamy Foster

    The current global financial crisis is said to originate with a few dodgy “sub-prime” mortgages made by US banks to poor people. Yes, the financial crisis that began in late 2007 is associated with the collapse of the sub-prime mortgage market.  But that is just one aspect of a much larger financial crisis and that […]

  • Nicaragua: A Sharp Left Turn

    MRZine must be commended for its recent publication of Mike Friedman’s interview with Nicaragua’s Comandante Mónica Baltodano.  It is especially welcome because there has been a dearth of information and analysis about Nicaragua in the English-language world ever since the 1990 electoral defeat of the revolution.  That in some ways is puzzling because the actions […]

  • Obama, Clinton, and McCain Won’t Save the American Economy

    The US media and party election machines have once again transformed the run-up to the US elections into a melodrama.  Across the country, party candidates have been swaggering across stages, surrounded by stars and stripes and CNN logos, to spew out the latest piece of propaganda that the spin doctors have managed to conjure up.  […]

  • Cracks in the Edifice

    Left Forum 2008 Each spring in New York City, Left Forum gathers intellectuals and activists from around the world to address the burning issues of our times.  The theme for 2008 is “CRACKS IN THE EDIFICE.”  We will examine the context of an empire in the throes of collapse and discuss the possibilities for social […]

  • Financial Capital: Crises Are Part of the Game

    Everything went well during the summer of 2007.  The economy was in an upswing and stock-market prices rose even faster.  Then the end of the housing boom in the United States triggered an international financial crisis.  Up to now it has been contained by heavy central-bank intervention; but the euphoria is gone.  The world of […]

  • Today’s Neoliberal Hero — the Village Usurer

      Analytical Monthly Review, published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review.  Its September 2007 issue features the following editorial. — Ed. No truths are more vigorously avoided, disguised and denied in our media than the disastrous and devastating results for the majority of the post-1991 economic “reforms” and the […]

  • Financial Panics, Then and Now

    The authors of the most widely read book on financial panics (Manias, Panics, and Crashes: A History of Financial Crises, Fifth Edition, 2005) refer to them as “hardy perennials” and document how they have repeatedly devastated large portions of modern economies and societies over the last three centuries.  Charles Kindleberger (a professor of economics at […]

  • The US and the 21st Century

    Introductory Note: This essay is an adaptation and reworking of a historic 1963 document of the Students for a Democratic Society.  Its original was mimeographed in several thousand copies and distributed jointly by the SDS National Office and the newly-created Economic Research and Action Project (ERAP).  America and the New Era was intended to be […]

  • Another “Reform” Fraud from Chidambaram

      Analytical Monthly Review, published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review.  Its April 2007 issue features the following editorial. — Ed. The “reform” offensive that started in 1991 as New Economic Policy has continued 15 years with different cover stories — as “recovery from BOP crisis” or “shining India” […]