Saturday, April 12, 2008

Strewth – Oz is finished

The Black Death of financial collapse

The financial and economic crisis now upon us is by far the most menacing of the past century - even more so than the Great Depression of the 1930s. It is not just a "subprime" crisis; it is systemic - affecting the entire financial system. It is also global, affecting various countries in various ways but affecting them all. In achieving a certain "globalization", we have been uniquely successful in globalizing collapse, chaos and misery. It is a globalization which, in our short-sighted negligence, we never envisaged.

Posted by lvmreader @ 12:20 AM (883 views)
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5 thoughts on “Strewth – Oz is finished

  • Terrific article, and one that points to the fact that it is this globalisation that is largely to balme for the crisis…an effective centralisation of control and effect. Ironic really given that such concepts are supposed to be the territiry of socilast dogma, not capitalist. But by removing regional differentaition of economic activity and forces, and making everyone subject to global simultaneous movements, we’ve all effectively become the tail to the American dog.
    Such large scale perspectives as globalisation imples and forces are not natural. More regional perspectives that are more easily isolated from remote events and are more sustainable for their users, are more appropriate for our needs as people. We’ve lost control to a machi9ne of our own invention that threatens to overwhelm us, because we can’t control it, and it cannot reflect our real [local] needs.

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  • “The high “unaffordability” of housing for the average home-seeker, as distinct from speculator, suggests that the bust will be savage. The real-estate, building and associated industries will suffer severely, with massive job losses. Simultaneously, profitable investment opportunities elsewhere may have vanished with the widespread collapse of the “financial services industry”. ”

    ………..could have been written about the UK, but then maybe the Aussies will let the financials sink like they should have done in Blighty……..Northern Crock should have been allowed to gently dissolve, IMHO. The strong would survive and become stronger while the weak, with poor business models, and that goes for retailers too, would go under, it was ever thus, until now. MORAL HAZARD.

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  • Superb article with a perfect definition of the Globalization that has been acheived. Could have been construed as pessimistic doom but actually this cleverley and accurately describes the causes and reasons leading to this present scenario. I don’t believe the consequences will be confined to certain countries but will be a worldwide in effect, only varying in degrees of damage.

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