PRAGOTI

The 91st anniversary of the Great October Socialist Revolution comes in the wake of the deepest crisis of world capitalism since the great depression of 1929. The current crisis of international financial capital that spearheaded imperialist globalisation in the last two decades is, by many estimations, far graver than any other crisis in the history of capitalism.

Over the past two decades, China emerged as the preeminent cheap labour platform to boost the flagging profit rates of corporations around the world. China, Japan and other Asian countries recycled their huge export earnings back into the US, keeping the value of their currencies low—a process that helped fund massive US trade and budget deficits. The influx of money enabled the US Federal Reserve to maintain a cheap credit policy, fuelling the housing bubble and debt-driven consumption in the US, which in turn maintained the market for Chinese goods.

Courtesy: www.wsws.org

The complete report on the deliberations in the General Assembly involving the Interactive Panel on the Global Financial Crisis is presented. Courtesy 7th Space Interactive. Also posted is the report of the press conference that followed the deliberations. The Panel is presided by Prof. Joseph Stiglitz, Nobel Laureate in Economics from Columbia University and includes Prof. Prabhat Patnaik from Jawaharlal Nehru University.

Pragoti reproduces the discussions on the Global Financial Crisis in the General Assembly held on 30th October 2008 featuring panel deliberations involving the newly constituted The Interactive Panel of the United Nations General Assembly on the Global Financial Crisis. The Task Force, presided by Nobel prize winner Joseph Stiglitz of Colombia University, includes, Prabhat Patnaik from the Center for Economic Studies and Planning at Jawaharlal Nehru University, Sakiko Fukuda-Parr of the New School University, Pedro Páez, Minister of Economic Policy and Coordination of Ecuador, Calestous Juma of the Kennedy School of Government at Harvard University and Francois Houtart, Chief Editor of Social Campus. Ed: Full structured report including Video Links to follow. This is a rush piece sourced from the United Nations site. All courtesies due to the UN General Assembly website