[Peace-discuss] Debt Crisis in West is Just a 'Prelude to War'

["E. Wayne Johnson 朱稳森"]

It doesnt seem to be correct that the 1929 crash led to fascism, at 
least not in Italy.

Fascism was rising in Italy as an ideology even before WWI.


On 08/19/11 6:58, C. G. ESTABROOK wrote:
> Debt Crisis in West is Just a 'Prelude to War'
> By K. Selim
>
> August 18, 2011 "World Meets" - Western governments appear powerless 
> to confront the current crisis and the looming threat of a depression, 
> with all of the serious consequences that implies. The colossal debt 
> of nations and bleak prospects for growth are creating a panic 
> situation on financial markets around the world. A crash is not a 
> figment of the imagination. The one in 1929 paved the way for the rise 
> of fascism and the Second World War.
>
> It is futile to expect a paradigm shift from the established order. 
> Since the sub-prime crisis in 2008, there has been much talk of market 
> regulation. The noble ideas that accompanied the latest international 
> joint financial agreement have been quickly abandoned. The leaders of 
> Western states, starting with the president of the United States, have 
> failed to develop a clear and convincing way to discuss economic 
> policy options, let alone take strong measures. Markets are stronger 
> than states. It is they that are ultimately the masters - and they 
> impose their own logic.
>
> With the sub-prime crisis in 2008, the markets forced taxpayers to 
> foot the bill. The "banksters"- an-oh-so-eloquent neologism combining 
> banker with gangster - reminds us once again of where the real power 
> lies. Today they continue to demonstrate this by attacking public debt 
> incurred in part to save the day. The big banks were never going to go 
> bankrupt; the states were!
>
> Contrary to what one would like to admit, isn't economics more than 
> just a set of mathematical formulas and theories? It is politics. And 
> policy now sits in the hands of people that have no real 
> accountability. The state of the political elite is such that it seems 
> inconceivable that governments could engage in the kind of 
> reorientation of economic policy characterized by the New Deal.
>
> What we should fear is that war may become - as history attests - the 
> last recourse of capitalism in crisis. "Common sense" might call for a 
> significant reduction in the U.S. military budget as a path toward 
> effective treatment of America's gigantic debt. But the cynicism of 
> short-term interests is little concerned with common sense. How can an 
> empire in decline impose its views? The U.S. not only shows obvious 
> signs of economic collapse, but also of genuine regression: the 
> American dream no longer exists. The U.S. establishment, Democratic or 
> Republican, is not prepared to cash in its last major comparative 
> advantage - military supremacy.
>
> Translated By Mary Kenney - Algeria - Le Quotidien d’Oran - Original 
> Article (French)
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