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The Global Economic Crisis The Great Depression of the XXI Century Paperback – May 25, 2010
Purchase options and add-ons
- Print length416 pages
- LanguageEnglish
- PublisherGlobal Research Publishers
- Publication dateMay 25, 2010
- Dimensions5.5 x 1 x 8 inches
- ISBN-100973714735
- ISBN-13978-0973714739
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Editorial Reviews
Review
In-depth investigations of the inner workings of the plutocracy in crisis, presented by some of our best politico-economic analysts. This book should help put to rest the hallucinations of free market ideology. --Michael Parenti, author of God and His Demons and Contrary Notions
Provides a very readable exposé of a global economic system, manipulated by a handful of extremely powerful economic actors for their own benefit, to enrich a few at the expense of an ever-growing majority. --David Ray Griffin, author of The New Pearl Harbor Revisited
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Product details
- Publisher : Global Research Publishers; 1st edition (May 25, 2010)
- Language : English
- Paperback : 416 pages
- ISBN-10 : 0973714735
- ISBN-13 : 978-0973714739
- Item Weight : 1.05 pounds
- Dimensions : 5.5 x 1 x 8 inches
- Best Sellers Rank: #3,495,085 in Books (See Top 100 in Books)
- #1,957 in Colonialism & Post-Colonialism
- #2,661 in Economic Policy
- #3,159 in Political Economy
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- Reviewed in the United States on February 2, 2013This is a collection of essays on globalization. The book looks at five major aspects of the subject. Each aspect has 2 - 6 authors who present their analysis of topics such as the current economic crisis. The result is an interesting and thought provoking book that benefits from having a diversity of authors.
If you are not convinced that the current economic theories and political systems are the best ones or the only possible ones then this book will probably appeal to you.
Here are a few comments of my own on the current system:
(a) One might ask why governments do nothing to control surges in house prices despite seeing the problems caused by them. On a "local" level a boom in the mineral resources industry appears to have caused a massive rise in house prices - which appears to have resulted in more hardship rather than increased prosperity.
(b) Instead of the government viewing free university education as a sound investment in the national interest the government has stopped providing free university education. Many students here now have to spend time working in supermarkets instead of using the time more usefully by concentrating on studying.
(c) We have an increasing population but there appears to be some talk of laying off nurses.
(d) We were told that "reforms" in the production and distribution of electricity would lead to cheaper electricity because of "market forces". (As happens so often the public stays asleep when they are told that "reforms" are being considered. After all since reform means a change for the better who would not want it?) Since the "reforms" and "market forces" have been unleashed electricity prices have increased far faster than we have been used to.
One wonders why some of the post World War II reforms are being reversed e.g. trying to provide affordable housing, providing free university education, affordable health care for all, and provision of essential services (such as electricity) at affordable prices. This book will give an idea why these types of things are happening in rich countries. It exposes the way that the poor face unnecessarily harsher poverty as a result of globalization.
- Reviewed in the United States on December 14, 2011As this book has been written by several people I will review each part as I finish them!
I will start with Chapter 1 by Michel Chossudosvsky. This is the first time I have read anything by this author and in the meanwhile I saw that he wrote another book that might interest me (Globalization of Poverty and the New World Order) but to be honest... although I think that what he has to say is quite important all the repetitions put me off ever reading something else written by him! Maybe I am wrong and this other book isn't full of repetitions, the fact is that this one is!
But this is an important book nevertheless, for all those who want to know what this crisis is all about. Actually.... it should be read by anybody who walks around in this world! We are being told so many lies..... So many people still believe that they have to contribute more so that our grandchildren will have a better life, etc, etc.... all rubbish and if you didn't know that, you can find out in this book! At the end of his chapter the author gives some advice of how things could change, very wise advice but it will never work! Without wanting to sound pessimistic I think that the rich elite know very well what they are doing and they also know very well how to deal with any unrest. It is too late for that! In order for it to work everybody in this world had to get up and bring these criminals to justice but too many people are so brain-washed that this will never happen! I would have liked if he had also mentioned aid to the third world, one of the biggest scams all times and it is difficult to comprehend that countries that are bankrupt borrow more and more for aid that never, ever reaches the poor anywhere!
Chapter 2 - Not that interesting.... No repetitions but not much substance! The most interesting bit are the opening sentences in italic!
Chapter 3 - Some interesting facts although I don't agree with the authors' concern that "single-family homes construction has fallen to a 26 year low". I don't really know what is the reality in the USA as far as this goes but I think that they have the same problem you see here in Europe: existing houses are not selling but more and more are built in order to keep the industry alive! So, not really a problem if building and therefore wrecking of nature slows down! Also we might think that capitalism is inherently flawed but the ones on the receiving end won't and for the time being they hold the power! There is an interesting bit about how all the wealth is concentrated in very few hands with some facts I didn't know like the fact that from 1990 to 2002 for each added dollar made by those in the bottom 90% those in the uppermost 0,01% made an additional 18.000 (from 1950 to 1970 it was 162 dollars). Staggering figures.... Also of interest, the fact that although we consume a lot less because we don't have the money to do it, consumption went up due to people working longer hours, having more than one job and because of two earner households. But people still believe that they have to work harder and mothers have a duty to go out and work instead of looking after their families!
Chapter 4 - Although the author seems to be a real expert on the subject with loads of books published in lots of languages I found it badly organized and often got lost. My fault I suppose.... It contains interesting facts, nevertheless! One fact has changed, in the meanwhile, the troops are out of Iraq but well, he couldn't know that! Something I don't agree with is where he says that if minimum wages and unemployment benefits were doubled that would increase demand and would stimulate the economy. Yes, people could spend more but lots of benefits have been fatal here in Europe! Interestingly enough the author refers to Obama's government as being a regime. At least here in Europe the word regime is only used for government the West doesn't approve of so well done to show the world that there are rotten regimes in the West itself! I remember when people voted for Obama I would say based on his skin color and were all shedding a tear of excitement.... well, now they will be shedding other tears!
Chapter 5 - Maybe one of the best chapters so far. I have never been into globalization but I seemed to be the only one who didn't agree with it. This chapter is all about Globalization and Neoliberalism. I agree with the author, globalization is not inevitable, on the contrary, it should maybe have been avoided! The author believes in Global Warming, a belief I don't share. Very interesting section "Neoliberalism justifies robbery and Pillage"!
Chapter 6 - This chapter talks about things like how we are being lied to by being told over and over again that the economy has hit rock bottom (never true as it always seems to fall further...), how we have "turned the corner", things weren't "as bad as expected", only to keep us quiet! The disaster all the cuts in the economy are for an economy dependent on consumer spending (I always wonder about that, if we can't spend how is the economy supposed to survive?). What will replace consumer spending? How trade unions were brought to their knees, etc. Right now I live in a place where taxes are low and people are well paid. The result is a healthy, happy looking population where businesses seem to thrive. Cafés are always full of people who have money and time to enjoy it. How old-fashioned..... but it gives me a great feeling!
Chapter 7 - Another chapter by Michel Chossudovsky, again with quite a few repetitions as all his chapters seem to be! But very interesting! This chapter is part of Part II about Poverty and Unemployment. The frightening thing is that the whole planet is going to hell and no one seems to be able to avoid disaster. He shows how food prices escalate creating famine for whole populations and even more wealth for a few (funny enough we are called to give even more money to charity, meaning... the extremely wealthy!). The truth is that there is more than enough food to feed everybody but it never seems to reach those who need it. Also the increasing of the price of water is a huge problem, again, profiting a few to the detriment of whole populations. Throughout this book the role of the IMF, the World Bank and the WTO is clearly stated and my conclusion is that these are criminal organizations but.... not many see it!
Chapter 8 - Poverty and Social Inequality. How prices don't cease to go up while wages lay flat for many years or even drop. According to some authors the plans of the New World Order are for the world to be populated by paupers and ruled by a small, extremely rich elite. I think that we are heading there really fast! According to the author there is more wealth now than ever before but concentrated in very few hands!
Chapter 9 - Part III is about War, National Security and World Government. This chapter is about War and the Economic Crisis. Although most people don't realize it both are interconnected. The US always seems to be behind most uprises in the world, if not all, and always for its own profit. For those who don't believe that the US was in some way connected to 9/11 read this book and you will find some interesting details.
Chapter 10 - I found it a bit more difficult to read but that is because I am in no way an economic expert, just inhabit this planet and am therefore interested in what is going on here! But it contains some interesting facts about how countries have no choice but to finance the US military spending.
I won't review the remaining chapters or else my review would become far too long and maybe that wouldn't be of interest but I hope to have given prospective readers an idea of what the book is about. Worth reading indeed...... Instead of concentrating so much effort in teaching children about sex maybe schools should take a few topic from books like this!
Top reviews from other countries
Peter GoodchildReviewed in Canada on February 12, 20245.0 out of 5 stars A Great Start to the Day
I'm trying to penetrate the jungle of modern economics. This book will be a big help.
A m a z o n Customer IanReviewed in the United Kingdom on December 7, 20175.0 out of 5 stars How the central banks stole nations money.
2008 edition.
Ch1. 29 Sep 2008 was the date of the Black Monday crash triggered by Basel II Accords of BIS who wanted this result to be applied to US banks and by short selling for the purpose of strengthening the Rockefeller empire of banks.
Ch2. In 1907 there was a US banking panic created by JP Morgan's bank owned by the Rothchilds. The consequent crash promoted the private Federal Reserve (FR) bank to print and control US currency in 1913. In 1929 it called in most of the loans, collapsing 5,000 banks causing an economic collapse.
Ch8. PNAC, Global Narcotics Economy, USSOUTHCOM for Andean Cocaine, USCENTCOM & NATO for Afghan-Pakistan heroin. Money laundering in the western banking systemthrough interbank loans.
Ch9. Wars on behalf of the US economy.
Ch10. Printing dollars pays for the military build-up. Foreign sovereign funds can't invest in important US sectors. They could invest USDs in low-paying treasury bonds. The financial oligarchy instal deregulators in key positions giving them minimal skeleton staff and little funding, such as Greenspan.They prefer prestigious academics as front men headed by Milton Freidman. They are placed as editors of major academic journals to censor ideas that are contrary to those of their lobbyists.
Ch11. USNORTHCOM was stood up in 2002 to prevail in expected domestic emergencies. The US uses wars to escape from depression as in the 1890's Spanish-American War. The 2nd WW ended the US Great Depression. The recession after WW II was ended by the Korean War.
Ch12. US Black Budget. $12bn for USAF black research in 2010.
Ch14. Pres. Wilson had an enquiry into post-WW I options which lead to the formation of the Council on Foreign Relations (CFR). In 1921 Britain founded the Royal Institute of International Affairs.The CFR was a front for the Fed Res. In 1941 they formed the US policy with the State Department including from 1947 the containment of the USSR. The CFR also provided foundations of the Marshall Plan and NATO. It also promoted the UNO built on John Rockefeller's land. In 1947 Harry Truman signed the National Security Act creating the DoD, Joint Chiefs of Staff, and the CIA with almost complete legal autonomy. Its founding was urged by the CFR. The Bilderberg Group was founded in 1954 and was a
for the secret meetings of elites. One was a founder of the European Common Market for the purpose of a federal union with thw support of the Rockerfellers. Trilateral Commission. The atlanticists in the CFR recommended to strengthen economics between America, Europe and Japan. David Rockerfeller proposed in 1972 the Trilateral group in Bilderberg. In 1973 the Trilateral Commission was formed to co-ordinate the policies to deal with the poorer nations. The World Economic Forum (WEF) make up an important part of the Transnational Capitalist Class (TCC) emerging to integrate national states through the IMF, WB, WTO and regional banks (e.g. ECB).
Ch15. Central banks create money from nothing. This is much worse than fractional banking. The 1907 US banking panic was caused by JP Morgan and due to this, the Federal Reserve was formed in 1913. In 1929 the FR collapsed 16,000 banks by calling in loans and a stock market collapse following by a world depression.
Ch16. Bank of International Settlements (BIS) represents 55 private central banks. The Basel I Banking Accords broke the Japanese economy in 1988, which is still a zombie. The object is to demand high unemployment and degrade national economies. In 2005 they did the same to US banks.
Ch17. In 2009 the G20 agreed to a new global currency policy using Special Drawing Rights (SDRs) for the eventual global economy.
Ch18. It is interest rates that cause inflation not anything else.
Ch19. Credit Default Swaps (CDS) were insurance contracts used to avoid regulation.
Ch20. Securitization - ABS, SPV, SIV,TALF, CDS & CDO. Loans are bundled into securities and resold avoiding reserves requirements.
Anyone who uses money should get their local library to put it on their shelves.
-
netboyReviewed in Italy on May 16, 20145.0 out of 5 stars Interessante
Peccato che chi legge questo libro piu o meno sa gia', o sospetta, quello che e' successo , sta succedendo e succedera' ancora in futuro. Da consigliare a chi ha ancora fiducia nella politica e finanza attuale.
FranciscaReviewed in France on December 14, 20114.0 out of 5 stars What a mess...... I mean, the world, not the book!
As this book has been written by several people I will review each part as I finish them!
I will start with Chapter I by Michel Chossudosvsky. This is the first time I have read anything by this author and in the meanwhile I saw that he wrote another book that might interest me (The Globalization of Poverty and the New World Order) but to be honest... although I think that what he has to say is quite important all the repetitions put me off ever reading something else written by him! Maybe I am wrong and this other book isn't full of repetitions, the fact is that this one is!
But this is an important book nevertheless, for all those who want to know what this crisis is all about. Actually.... it should be read by anybody who walks around in this world! We are being told so many lies..... So many people still believe that they have to contribute more so that our grandchildren will have a better life, etc, etc.... all rubbish and if you didn't know that, you can find out in this book! At the end of his chapter the author gives some advice of how things could change, very wise advice but it will never work! Without wanting to sound pessimistic I think that the rich elite know very well what they are doing and they also know very well how to deal with any unrest. It is too late for that! In order for it to work everybody in this world had to get up and bring these criminals to justice but too many people are so brain-washed that this will never happen! I would have liked if he had also mentioned aid to the third world, one of the biggest scams all times and it is difficult to comprehend that countries that are bankrupt borrow more and more for aid that never, ever reaches the poor anywhere!
Chapter II - Not that interesting.... No repetitions but not much substance!
Harinder JadwaniReviewed in Canada on July 23, 20195.0 out of 5 stars Must Read - to understand today's neoliberal economics and resultant inequality
This books assembles all the things that are concealed from everyday discourse by the corporate-owned Western media, although that neoliberal corruption extends to modernizing economies like India. This gathers all the relevant secret information - how the Federal Reserve was created after JP Morgan created a banking crisis, and private banks got the license to print money and charge interest to taxpayers. The corporatization of the planet and its resources including water; the motives behind the wars, the failing US empire, and so on.


