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What is the real cause of the capitalist crisis?
national |
housing |
news report
Friday November 28, 2008 14:40 by Paul Bowman - WSM - Workers Solidarity 106 wsm_ireland at yahoo dot com
Crisis, What Crisis? - Pyramids not houses The official story is that the origins of the current crisis lie in the collapse of the US subprime mortgage market - i.e. poor people not paying their mortgages. Although this may have been the trigger event, it is not the real cause. The real cause lies in pyramids not houses. Specifically the enormous debt pyramid built up by the Western countries, particularly those following the Anglo-saxon economic model - which, unfortunately for us, includes Ireland. The financial framework constructed to support the globalisation of trade and production, has enabled the growth of a huge, unregulated credit sector known as the “Shadow Baking System” which has allowed the ballooning of credit not backed up by any capital reserves. |
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