[OPE] Reuters, "Soros sees no bottom for world financial 'collapse'"

From: Gerald Levy <Gerald_A_Levy@msn.com>
Date: Sun Feb 22 2009 - 10:10:03 EST

More gloom and doom from the international bourgeoisie. In their
euphoria, they see no end to accumulation in the expansion. And,
then, when the crash comes they (along with the economy) are
depressed and see no way out. How have these aspects of social
psychology been integrated into political economy? They surely have
from a Keynesian perspective. But, what about Marxian and other
heterodox perspectives?

In solidarity, Jerry

(Reuters) - Renowned investor George Soros said on Friday the world
financial system has effectively disintegrated, adding that there is
yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the
Great Depression, comparing the current situation to the demise of the
Soviet Union.
He said the bankruptcy of Lehman Brothers in September marked a
turning point in the functioning of the market system.

"We witnessed the collapse of the financial system," Soros said at a
Columbia University dinner. "It was placed on life support, and it's
still on life support. There's no sign that we are anywhere near a
His comments echoed those made earlier at the same conference by
Paul Volcker, a former Federal Reserve chairman who is now a top
adviser to President Barack Obama.

Volcker said industrial production around the world was declining
even more rapidly than in the United States, which is itself under
severe strain.

"I don't remember any time, maybe even in the Great Depression, when
things went down quite so fast, quite so uniformly around the world,"
Volcker said.


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Received on Sun Feb 22 10:14:59 2009

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