Capitalism is dependent on credit, so financial crises serious enough to threaten the capitalist system must be resolved by socializing losses. The alternative is financial collapse leading to economic collapse and social chaos. Central banking and credit regulation were instituted at the heart of economic liberalism to correct the risk inherent in this type of system.The New Indian ExpressIs a full-blown global banking meltdown in the offing?Satyajit Das is a former banker and author of numerous works on derivatives and several general titles: Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006 and 2010), Extreme Money: The Masters of the Universe and the Cult of Risk (2011), A Banquet of Consequences RELOADED (2021) and Fortune’s Fool: Australia’s
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
New Economics Foundation writes Reclaiming our regions
New Economics Foundation writes New Economics Podcast: Why is the benefits system failing disabled people
Michael Hudson writes Jill Stein: Splitting the Pro-Imperial Vote
Editor writes In search of radical alternatives
The New Indian Express
Is a full-blown global banking meltdown in the offing?
Satyajit Das is a former banker and author of numerous works on derivatives and several general titles: Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006 and 2010), Extreme Money: The Masters of the Universe and the Cult of Risk (2011), A Banquet of Consequences RELOADED (2021) and Fortune’s Fool: Australia’s Choices (2022).