Sunday, August 28, 2011

Global Economic Growth Stalls Amidst Debt Crisis, Austerity

Global Research

Andre Damon writes: A new batch of economic figures released this week confirms a renewed economic downturn, amidst an intensified assault on jobs and living conditions internationally.
The Organization for Economic Cooperation and Development (OECD) said the gross domestic product of its member countries grew by only 0.2 percent in the second quarter of this year, dropping from 0.3 percent in the first quarter. Growth has slowed for four consecutive quarters, hitting the lowest level in two years.

Financial markets are looking to Federal Reserve Chairman Ben Bernanke’s speech on Friday in the hopes that he will announce another round of “quantitative easing,” that is, the printing of money to flood the financial system with cash.Such a move, motivated by the overriding concern of the Obama administration to defend the wealth of the financial aristocracy, would do no more to resolve the crisis than previous such measures. On the contrary, it would only further undermine the credibility of the dollar, intensify national divisions, and set the stage for even greater attacks on the working class.

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