Former BIS chief, author of ‘Revolution Required’, praises the insights of Akyuz’s book ‘Playing with Fire’, notably in uncovering the current state of financial fragility triggered by the G7, worsened by the absence of international mechanisms to recover from systemic debt fall-outs
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Excellent discussion! The comments in the end are also very insightful. Most people dont dive into these issues but they do sense in their daily lives something isnt working, adding up. In Europe political dysfunctionality is especially obvious. Putting this in bigger, broader context, one can argue that its a "competition" between two economic paradigms represented by the east and the west. Where the west invests in financial assets and the east (China) invests in physical infrastructure. With respect to the average persons the results of those two different strategies/policies are vastly different. Eg poverty is on the rise in EU over the last 10 years while in China it has decreased dramatically.
The road to this particular hell was paved with massive corruption, not a hint of "good intentions."
no other network covers stuff like this. all the corporate networks message is shut up and buy things!!
Now this cheered my up enormously — Eeyore
Michael Hudson and Steve Keen have been explaining the cause of financial crisis for as long as I can remember Maybe if these clowns actually read any of their work they would understand, but unfortunately, they use totally miss the underlying causes.
So, the big names are finding out the obvious. Is this Dittus bloke talking to the mike for the first time in his life? How much money did he make at BIS, what about the role of BIS in financial destruction of the world?
"…leading to a systemic crisis that will call into question many of the beliefs that the capitalist system is built on"
I suspect this was the intent among the powers-that-be from the start. Or the elites are incredibly stupid. Perhaps both.
Time for a new economic system. Resource Based Economy anyone?
nothing new, even blind person can see it and crazy person can figure out what we facing with.
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