That this government has lost all sense of proportion is evident from the arguments ranging from ridiculous to the outrageous made by its senior leaders to justify the recent increase in prices of essential fuel supplies. Embroiled in the wave of corruption, the present dispensation, which has scant regard to the livelihood of millions of poor people, has lost all moral authority to govern this country.
Well before the global financial crisis finally broke in September 2008, most people in developing countries were already reeling under the effects of dramatic volatility in global food and fuel markets. From late 2006, prices of most primary commodities first increased very rapidly, then collapsed even more sharply from their peaks in May-June 2008. This was not due to real economic forces, but rather financial activity, specifically the involvement of investors in index funds,writes Jayati Ghosh.
Eminent economist Prabhat Patnaik writes in the People's Democracy, providing in his usual lucid fashion, the whys, hows and wherefores of the financial crisis that has engulfed the United States' financial system. Article courtesy, "People's Democracy".
Pragoti publishes three articles on the financial meltdown of big American financial companies such as the Lehman Brothers and actions by the US Federal Reserve. a) Paul Krugman in the New York Times, b) Joseph Stiglitz in the Guardian, c) William K. Tabb in the Monthly Review apart from attached articles (by Mihir Rakshit and Jan Kregel) on the Sub-Prime crisis the fountain-head for the current meltdown.
It is now clear that the prolonged party for international finance capital is over, at least for now, says Jayati Ghosh in Asian Age + Real News Video featuring Doug Henwood on the Recession and Wall Street's reliance on the government to bail it out from the trouble.