Barry Eichengreen – renowned professor of Economics and Political Science at the University of California Berkeley, former senior advisor to the IMF, author of “Globalizing Capital: A History of the International Monetary System”, and editor of “Rescuing our Jobs and Savings: What G8 Leaders can do to Solve the Global Credit Crisis” – provides a detailed overview of the financial crisis. He discusses at length: (a) the excessive risk undertaken by a variety of financial institutions as a result of gradual deregulation of financial services sector in the second half of 20th century; (b) the role of both Republican and Democratic parties in maintaining deregulation policies following introduction of US President Ronald Reagan’s “free markets” ideology in 1980; (c) the inability of the US to properly manage or channel massive capital inflows from the developing world – especially China – during the last decade; (d) the failure of Bush administration to mount an adequate response to the financial crisis on account of its initial state of denial, financial engineering mindset, and “free markets” ideology; and (e) actions – such as, interest rate increases, deficit reduction, recapitalization of banks, and economic stimulus – that would have greatly mitigated the severity of the financial crisis. In addition, he dwells on: (f) the impact of the financial crisis on American power and globalization, as well as (g) the nature of institutional reforms required at global level to …
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Nouriel Roubini – who successfully predicted the recent collapse of the US-dominated financial system years in advance – discusses the financial crisis and its impact on world economies. He describes in detail: (a) the origins of the financial crisis in bursting of massive bubbles in various asset classes that in turn were generated by easy credit and poor regulation; (b) the fundamental flaws of limited transparency, excessive securitization, and shoddy credit ratings – especially in the domain of exotic securities – in the financial system; and (c) the fateful decision by Western financial regulators to allow the shadow banking system to grow dramatically without adequate safety measures. He also highlights: (d) the weakening of American geopolitical power from massive deficit spending to fix the US financial system and revive the American economy; (e) the potential threat to world peace through severe social and political unrest arising from high unemployment; and (f) the likely slowdown, if not reversal, of globalization itself via enactment of trade and tariff barriers to protect jobs. This speech was recorded in October 2008. PLEASE READ MY COMMENTS ON THE VIDEO BEFORE WATCHING.
On the eve of the US presidential election, Avi Lewis reports on the financial crisis from the floor of the New York Stock Exchange. With a chorus of different voices, from Wall Street insiders to those who could not even get in the door of the New York Stock Exchange, this episode of Inside USA explores the roots of the crisis and asks how it will shape the next government of the US.
Financial crisis and international change: historian Niall Ferguson on past financial emergencies and whether the current crisis in American credit markets will result in power flowing from West to East. Monday September 29 2008
On the eve of the US presidential election, Avi Lewis reports on the financial crisis from the floor of the New York Stock Exchange. With a chorus of different voices, from Wall Street insiders to those who could not even get in the door of the New York Stock Exchange, this episode of Inside USA explores the roots of the crisis and asks how it will shape the next government of the US.
Don’t believe the lying news media when they claim that nobody could foresee this financial crisis! American economist Lyndon LaRouche is THE ONLY ONE who has been correctly forecasting this breakdown crisis, and he did it long before the crisis was obvious to everyone. Here is a sample of what LaRouche said in 1976, 1988, 1998, 2004, 2005, 2006, 2007, and 2008. So, if you want mankind to get out of this mess, you’d better listen to the wise words of the man who knows what he is talking …
