Devastating Crisis Unfolds
Against The Current vol. 132
Brenner, Bob
http://www.solidarity-us.org/node/1297
Date Written: 2008-01-01
Publisher: Against The Current
Year Published: 2008
Resource Type: Article
Cx Number: CX13353
Bob Brenner, for the ATC editors. The current crisis could well turn out to be the most devastating since the Great Depression. It manifests profound, unresolved problems in the real economy that have been — literally — papered over by debt for decades, as well as a shorter term financial crunch of a depth unseen since World War II. The combination of the weakness of underlying capital accumulation and the meltdown of the banking system is what’s made the downward slide so intractable for policymakers and its potential for disaster so serious. The plague of foreclosures and abandoned homes — often broken into and stripped clean of everything, including copper wiring — stalks Detroit in particular, and other Midwest cities.
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