[Marxism] The crisis of the global economy | Links

[glparramatta <glparramatta@xxxxxxxxxxxxxxxx>]

        *A report of the Institute of Globalisation and Social
        Movements, Moscow*

By *Vasily Koltashov*

Translated by *Renfrey Clarke*, /Links – International Journal of 
Socialist Renewal/ (http://links.org.au)

Moscow, June 9, 2008 -- In the early weeks of 2008 virtually all Russian 
and foreign experts viewed the situation in the world economy 
favourably. Warnings from a few analysts that a major economic crisis 
lay ahead were not taken especially seriously by optimistic-minded 
populations.

On January 22 the stock exchanges were shaken by the first slump, 
followed by a series of new collapses. The world’s share markets were 
destabilised. Inflation accelerated, with food prices beginning to rise 
sharply. A number of American and European banks announced colossal 
losses in their results for 2007. The scale of the economic problems in 
the US became evident. A new world crisis had begun. The emergence of 
its first symptoms provoked numerous questions concerning the nature of 
the crisis, the reasons behind it, and the logic shaping its probable 
development.

Full: http://links.org.au/node/517

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