Banking does not have to bring the world to the brink of crisis. There are progressive alternatives to regulate banks better, but none will happen while repeated bank crises hold all of us hostage.
world financial crisis
Market forces rule only if we let them.
One politically disempowering aspect of neoliberal capitalism is the mantra that we cannot resist economic forces. Wrong -- collective decision making can trump market forces in a crisis.
The non-recovery of the U.S. economy -- overall GDP is no greater than it was four years ago -- requires a government-led growth strategy to change, not the actions the U.S. government took.
Every five years the Bank Act comes under review in Canada, and 2011 is the next scheduled review. You'd think in the wake of a financial crisis, there would be some important questions to ask.
If the federal government adopts an austerity budget in the spring, as all signs suggest Flaherty intends to do, it will slow the economy further, and make things worse for Canadians.
The focus needs to be on building a new economy, not shoring up capitalism through fiscal policy. De-legitimizing capital as the source of all wisdom about how to run the world is the first task.
How the 30s Marxist economist predicted the messy financial cycles of current capitalist practices.
The world's politicians, in the post-G20 spirit, have abandoned creativity, empathy, intelligence and ultimately, reason itself in their quest follow the American dream.
The Toronto G8-G20 summits will not create badly needed economic renewal. Those who seek a better world know that renewal is a continuum that must be pushed for, especially now.