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The crisis of the global economy. Was it a planned disintegration?

The crisis of the global economy. Was it a planned disintegration?

(nb: dit stuk is inmiddels vertaald en staat hier op

“The biggest propaganda story this decade is the fiction of the Japanese and now Chinese workers are thrifty folks who want to desperately save money and they want this so badly, they will happily toil away in order to hand over this loot to the American consumer who will then spend it for them! And everyone lives happily after living off the blood and sweat of those foolish Asian workers who don’t know how to have fun, hahaha.”

So penned Elaine Meinel Supkis in her 2007 article exploring the reasons for the existence of the global money glut. [1]

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Russian writers Vasily Koltashov, Boris Kagarlitsky, Yuri Romanenko and Igor Gerasimov provide a wider (and clearer) context for the imbalance between the world’s monetary base and its real economy. “The world economic crisis … is systemic in nature” they wrote and comes about through the “contradictions of the neoliberal model of capitalism” – an economic model, they say, that is based on the “exploitation of cheap labor power in the Third world”, the systematic lowering of real wages whilst stimulating consumption in the rich nations.

“…The scope for intensifying this exploitation has been almost exhausted.”[2]

Not surprisingly, given the way that consumption was expanded by whatever means available, including through the ballooning of debt and the stepped up, extremely modern, efficient (and mostly institutional) environmental pillage.

John Bellamy Foster provides his own elaboration of the contradictions in today’s global capitalist economy:

“Three critical contradictions make up the contemporary world crisis emanating from capitalist development: (1) the current Great Financial Crisis and stagnation/depression; (2) the growing threat of planetary ecological collapse; and (3) the emergence of global imperial instability associated with shifting world hegemony and the struggle for resources. Such structural weaknesses of the system, as Joseph Schumpeter might have said, are the product of capitalism’s past successes, but they raise catastrophic problems and failures in the present nonetheless.”[3]

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