Not Like the Great Depression…but rather
Posted in Economic Crisis at 3:39 am by Administrator
Economist philosopher John Gray suggests that the present crisis of capitalism is not like the Great Depression, but rather more like the collapse of communism. Dave here - it is an interesting comparison. Just as the Soviet empire collapsed under the weight of an unsuccessful war in Afghanistan, the American empire collapses under the weight of its own military misadventure in Iraq. And just to ensure the death knell of an insolvent empire , Obama chooses to enlarge the American presence in Afghanistan.
Back to John Gray on the crisis, from the attached Guardian clip. It is not possible to get the show back on the road. We are at the end of debt-based financial capitalism. There is no obvious replacement paradigm , thus we are in for an extended period of uncertainty. (more…)
