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Wednesday 1st October, 2008 The massive deflation/de-leveraging of credit and debt that is now cascading through the banking system and rapidly deflating the value of housing and other assets in the Anglo-American economies will precipitate large-scale, global economic failure, for years to come. Read Tuesday 30th September, 2008. Anglo-American finance ministers and central bankers, like little Dutch boys, try desperately to plug leaks in the bursting dyke that is the international financial system. In the US, treasury secretary Hank Paulson hoped for $700bn to plug the gaping hole in Wall Street’s banks. In the UK, the government is Tuesday 30th September, 2008. Sir, Your editorial “In praise of free markets” (September 27/28) conflates regulation of trade markets with that of financial markets. This is a flawed analysis, one at the core of most economic orthodoxy – that money, like land, oil, soya beans, diamonds or gold, is a commodity, and therefore that |
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