Friday, April 03, 2009

The end of financial capitalism: "too big to save"

Descriptions and prescriptions again from OpenDemocracy:
By way of illustration: the global value of financial assets (which means: debt) in the whole world by September 2008 - as the crisis was exploding with the collapse of Lehman Brothers - was $160 trillion: three-and-a-half times larger than the value of global GDP. The financial system cannot be rescued by pumping in the money available.

Whether those two things really follow I'm not sure. Meanwhile...

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