Sunday, July 31, 2011

COMMENT: On The Brink Of An Abyss

Lal Khan

From the US to Europe to Japan there is a panic in the echelons of power. The strategists of capitalism are frantically trying to avert a US default, collapse of the Euro and bankruptcy of Japan. The dangers are real and grave. The most serious newspaper of finance capital, The Financial Times, wrote the following on July 15, 2011:
“A week ago last Thursday, global equity markets were sitting pretty secure in the expectation of good US employment figures and some breathing space in the European sovereign debt saga. Now, that confidence has disappeared. In its place, investors see contagion gripping the eurozone, renewed weakness in the American economy and the looming possibility that the issuer of the world’s reserve currency . . . .

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