15th September, 2008.

To address this very grave global financial crisis effectively, one needs to analyse it correctly. A wrong analysis results in wrong conclusions and solutions, just as a wrong medical diagnosis can lead to wrong, often life-threatening treatment.  Orthodox economists, who have for so long turned a blind eye to the finance sector, to privatised credit creation and its role in fuelling asset bubbles, do not understand this crisis. They did not predict this crisis. And their  deeply flawed economics mean they cannot therefore resolve this crisis. Indeed they are supremely irrelevant to this crisis.

Read post »