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<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:Tahoma;font-weight:bold'>From:</span></font></b><font size=2
face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'> NEJ SAY
[mailto:nejsay@yahoo.com] <br>
<b><span style='font-weight:bold'>Sent:</span></b> Tuesday, May 11, 2010 4:05
PM<br>
<b><span style='font-weight:bold'>To:</span></b> nejat sayginer<br>
<b><span style='font-weight:bold'>Subject:</span></b> economic crises of 21
century</span></font><o:p></o:p></p>
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<p class=MsoNormal><font size=3 face=Arial><span style='font-size:12.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
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<p class=MsoNormal style='text-align:justify'><font size=3 face=Arial><span
style='font-size:12.0pt;font-family:Arial'>Selamlar,<o:p></o:p></span></font></p>
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<p class=MsoNormal style='text-align:justify'><font size=3 face=Arial><span
style='font-size:12.0pt;font-family:Arial'> Kanada'da (ne de olsa yari
Avrupali) dunyadaki ekonomik krizi,nedenlerini,<font color=navy><span
style='color:navy'> </span></font>sosyal etkilerini ,azinliktaki kimlerin,
cogunlugun sefaleti pahasina daha <font color=navy><span style='color:navy'> </span></font>zenginlestiklerini
,bankacilik-savas endustrisi iliskileri,medyanin gercekleri<font color=navy><span
style='color:navy'> </span></font>ortmesini, yanlis yonlendirmesini.. vb...
konulari durustce arastiran bir gurup <font color=navy><span style='color:navy'> </span></font>ve
verileri dogru analiz eden iki yazarin , "21.yuzyilin Ekonomik Krizi"<font
color=navy><span style='color:navy'> </span></font>isimli kitabi cikmis.<o:p></o:p></span></font></p>
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<p class=MsoNormal style='text-align:justify'><font size=3 face=Arial><span
style='font-size:12.0pt;font-family:Arial'>Mevcut ekonomik sistemin ulke icinde
orta sinifin zayiflayip yok olu<st1:PersonName w:st="on">su</st1:PersonName>
kadar,<font color=navy><span style='color:navy'> </span></font>emperyalist
ulke,(tek dunya devleti)nin ,zayif ekonomili ulkeleri ve insanlari daha da
zayiflatip yok oluslarini hazirladigini ,medyanin bunlari ortbas ettigini de
anlatiyor.,,<o:p></o:p></span></font></p>
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<p class=MsoNormal style='text-align:justify'><font size=3 face=Arial><span
style='font-size:12.0pt;font-family:Arial'>Pek faydali bir yapita benziyor....<font
color=navy><span style='color:navy'><o:p></o:p></span></font></span></font></p>
<p class=MsoNormal style='text-align:justify'><font size=3 face=Arial><span
style='font-size:12.0pt;font-family:Arial'>N.S.<o:p></o:p></span></font></p>
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font-family:Arial'><o:p> </o:p></span></font></p>
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12.0pt'> <o:p></o:p></span></font></p>
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<p class=MsoNormal><b><font size=3 face="Times New Roman"><span
style='font-size:12.0pt;font-weight:bold'> economic crises of 21 century<o:p></o:p></span></font></b></p>
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<p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><strong><b><font
size=2 color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;
font-family:Verdana;color:black'>Michel Chos<st1:PersonName w:st="on">su</st1:PersonName>dovsky
and Andrew Gavin Marshall (Editors)</span></font></b></strong><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'> </span></font><span lang=EN-US><o:p></o:p></span></p>
<p><st1:place w:st="on"><st1:City w:st="on"><font size=2 color=black
face=Verdana><span lang=EN-US style='font-size:10.0pt;font-family:Verdana;
color:black'>Montreal</span></font></st1:City></st1:place><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.0pt;font-family:
Verdana;color:black'>, Global Research Publishers. Centre for Research on
Globalization (CRG), 2010.</span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='text-align:justify'><font size=2 color=black face=Verdana><span
lang=EN-US style='font-size:10.0pt;font-family:Verdana;color:black'>ISBN
978-0-9737147-3-9 (416 pages)</span></font><font size=2 color=navy
face=Verdana><span lang=EN-US style='font-size:10.0pt;font-family:Verdana;
color:navy'><o:p></o:p></span></font></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'><br>
<strong><b><font face=Verdana><span style='font-family:Verdana'>PREFACE</span></font></b></strong><b><span
style='font-weight:bold'><br>
<br>
</span></b>In all major regions of the world, the economic recession is
deep-seated, re<st1:PersonName w:st="on">su</st1:PersonName>lting in mass
unemployment, the collapse of state social programs and the impoverishment of
millions of people. The economic crisis is accompanied by a worldwide process
of militarization, a "war without borders" led by the <st1:place
w:st="on"><st1:country-region w:st="on">United States of America</st1:country-region></st1:place>
and its NATO allies. The conduct of the Pentagon’s "long war"
is intimately related to the restructuring of the global economy. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>We are not dealing with a narrowly defined economic crisis
or recession. The global financial architecture <st1:PersonName w:st="on">su</st1:PersonName>stains
strategic and national security objectives. In turn, the U.S.-NATO military
agenda serves to endorse a powerful business elite which relentlessly
overshadows and undermines the functions of civilian government. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>This book takes the reader through the corridors of the
Federal Reserve and the Council on Foreign Relations, behind closed doors at
the Bank for International Settlements, into the plush corporate boardrooms on
Wall Street where far-reaching financial transactions are routinely undertaken
from computer terminals linked up to major stock markets, at the touch of a
mouse button. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Each of the authors in this collection digs beneath the
gilded <st1:PersonName w:st="on">su</st1:PersonName>rface to reveal a complex
web of deceit and media distortion which serves to conceal the workings of the
global economic system and its devastating impacts on people’s lives. Our
analysis focuses on the role of powerful economic and political actors in an
environment wrought by corruption, financial manipulation and fraud. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Despite the diversity of viewpoints and perspectives
presented within this volume, all of the contributors ultimately come to the same
conclusion: humanity is at the crossroads of the most serious economic and
social crisis in modern history. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The meltdown of financial markets in 2008-2009 was the re<st1:PersonName
w:st="on">su</st1:PersonName>lt of institutionalized fraud and financial
manipulation. The "bank bailouts" were implemented on the
instructions of Wall Street, leading to the largest transfer of money wealth in
recorded history, while simultaneously creating an in<st1:PersonName w:st="on">su</st1:PersonName>rmountable
public debt.</span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>With the worldwide deterioration of living standards and
plummeting con<st1:PersonName w:st="on">su</st1:PersonName>mer spending, the
entire structure of international commodity trade is potentially in jeopardy.
The payments system of money transactions is in disarray. Following the
collapse of employment, the payment of wages is disrupted, which in turn
triggers a downfall in expenditures on necessary con<st1:PersonName w:st="on">su</st1:PersonName>mer
goods and services. This dramatic plunge in purchasing power backfires on the
productive system, re<st1:PersonName w:st="on">su</st1:PersonName>lting in a
string of layoffs, plant clo<st1:PersonName w:st="on">su</st1:PersonName>res
and bankruptcies. Exacerbated by the freeze on credit, the decline in con<st1:PersonName
w:st="on">su</st1:PersonName>mer demand contributes to the demobilization of
human and material resources. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>This process of economic decline is cumulative. All
categories of the labor force are affected. Payments of wages are no longer
implemented, credit is disrupted and capital investments are at a standstill.
Meanwhile, in Western countries, the "social safety net" inherited
from the welfare state, which protects the unemployed during an economic
downturn, is also in jeopardy.</span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>The Myth of Economic Recovery</span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The existence of a "Great Depression" on the
scale of the 1930s, while often acknowledged, is overshadowed by an unbending
consen<st1:PersonName w:st="on">su</st1:PersonName>s: "The economy is on
the road to recovery". </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>While there is talk of an economic renewal, Wall Street
commentators have persistently and intentionally overlooked the fact that the
financial meltdown is not simply composed of one bubble – the housing
real estate bubble – which has already burst. In fact, the crisis has
many bubbles, all of which dwarf the housing bubble burst of 2008.</span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Although there is no fundamental disagreement among
mainstream analysts on the occurrence of an economic recovery, there is heated
debate as to when it will occur, whether in the next quarter, or in the third
quarter of next year, etc. Already in early 2010, the "recovery" of
the <st1:place w:st="on"><st1:country-region w:st="on">U.S.</st1:country-region></st1:place>
economy had been predicted and confirmed through a carefully worded barrage of
media disinformation. Meanwhile, the social plight of increased unemployment in
<st1:place w:st="on"><st1:country-region w:st="on">America</st1:country-region></st1:place>
has been scrupulously camouflaged. Economists view bankruptcy as a
microeconomic phenomenon. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The media reports on bankruptcies, while revealing
local-level realities affecting one or more factories, fail to provide an
overall picture of what is happening at the national and international levels.
When all these simultaneous plant clo<st1:PersonName w:st="on">su</st1:PersonName>res
in towns and cities across the land are added together, a very different
picture emerges: entire sectors of a national economy are closing down. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Public opinion continues to be misled as to the causes and
consequences of the economic crisis, not to mention the policy solutions.
People are led to believe that the economy has a logic of its own which depends
on the free interplay of market forces, and that powerful financial actors, who
pull the strings in the corporate boardrooms, could not, under any
circumstances, have willfully influenced the course of economic events. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The relentless and fraudulent appropriation of wealth is
upheld as an integral part of "the American dream", as a means to
spreading the benefits of economic growth. As conveyed by Michael Hudson, the
myth becomes entrenched that "without wealth at the top, there would be
nothing to trickle down." Such flawed logic of the business cycle
overshadows an understanding of the structural and historical origins of the
global economic crisis. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>Financial Fraud</span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Media disinformation largely serves the interests of a
handful of global banks and institutional speculators which use their command
over financial and commodity markets to amass vast amounts of money wealth. The
corridors of the state are controlled by the corporate establishment including
the speculators. Meanwhile, the "bank bailouts", presented to the
public as a requisite for economic recovery, have facilitated and legitimized a
further process of appropriation of wealth. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Vast amounts of money wealth are acquired through market
manipulation. Often referred to as "deregulation", the financial
apparatus has developed sophisticated instruments of outright manipulation and
deceit. With inside information and foreknowledge, major financial actors,
using the instruments of speculative trade, have the ability to fiddle and rig
market movements to their advantage, precipitate the collapse of a competitor
and wreck havoc in the economies of developing countries. These tools of
manipulation have become an integral part of the financial architecture; they
are embedded in the system. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>The Failure of Mainstream Economics</span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The economics profession, particularly in the
universities, rarely addresses the actual "real world" functioning of
markets. Theoretical constructs centered on mathematical models serve to
represent an abstract, fictional world in which individuals are equal. There is
no theoretical distinction between workers, con<st1:PersonName w:st="on">su</st1:PersonName>mers
or corporations, all of which are referred to as "individual
traders". No single individual has the power or ability to influence the
market, nor can there be any conflict between workers and capitalists within
this abstract world. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>By failing to examine the interplay of powerful economic
actors in the "real life" economy, the processes of market rigging,
financial manipulation and fraud are overlooked. The concentration and
centralization of economic decision-making, the role of the financial elites,
the economic thinks tanks, the corporate boardrooms: none of these is<st1:PersonName
w:st="on">su</st1:PersonName>es are examined in the universities’
economics programs. The theoretical construct is dysfunctional; it cannot be
used to provide an understanding of the economic crisis. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Economic science is an ideological construct which serves
to camouflage and justify the New World Order. A set of dogmatic postulates
serves to uphold free market capitalism by denying the existence of social
inequality and the profit-driven nature of the system is denied. The role of
powerful economic actors and how these actors are able to influence the
workings of financial and commodity markets is not a matter of concern for the
discipline’s theoreticians. The powers of market manipulation which serve
to appropriate vast amounts of money wealth are rarely addressed. And when they
are acknowledged, they are considered to belong to the realm of sociology or
political science. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>This means that the policy and institutional framework
behind this global economic system, which has been shaped in the course of the
last thirty years, is rarely analyzed by mainstream economists. It follows that
economics as a discipline, with some exceptions, has not provided the analysis
required to comprehend the economic crisis. In fact, its main free market
postulates deny the existence of a crisis. The focus of neoclassical economics
is on equilibrium, disequilibrium and "market correction" or
"adjustment" through the market mechanism, as a means to putting the
economy back "onto the path of self-<st1:PersonName w:st="on">su</st1:PersonName>stained
growth". </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>Poverty and Social Inequality</span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The global political economy is a system that enriches the
very few at the expense of the vast majority. The global economic crisis has
contributed to widening social inequalities both within and between countries.
Under global capitalism, mounting poverty is not the re<st1:PersonName w:st="on">su</st1:PersonName>lt
of a scarcity or a lack of human and material resources. Quite the opposite
holds true: the economic depression is marked by a process of disengagement of
human resources and physical capital. People’s lives are destroyed. The economic
crisis is deep-seated. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The structures of social inequality have, quite
deliberately, been reinforced, leading not only to a generalized process of
impoverishment but also to the demise of the middle and upper middle income
groups. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Middle class con<st1:PersonName w:st="on">su</st1:PersonName>merism,
on which this unruly model of capitalist development is based, is also
threatened. Bankruptcies have hit several of the most vibrant sectors of the
con<st1:PersonName w:st="on">su</st1:PersonName>mer economy. The middle classes
in the West have, for several decades, been <st1:PersonName w:st="on">su</st1:PersonName>bjected
to the erosion of their material wealth. While the middle class exists in
theory, it is a class built and <st1:PersonName w:st="on">su</st1:PersonName>stained
by household debt. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The wealthy rather than the middle class are rapidly
becoming the con<st1:PersonName w:st="on">su</st1:PersonName>ming class,
leading to the relentless growth of the luxury goods economy. Moreover, with
the drying up of the middle class markets for manufactured goods, a central and
decisive shift in the structure of economic growth has occurred. With the
demise of the civilian economy, the development of <st1:place w:st="on"><st1:country-region
w:st="on">America</st1:country-region></st1:place>’s war economy, <st1:PersonName
w:st="on">su</st1:PersonName>pported by a whopping near-trillion dollar defense
budget, has reached new heights. As stock markets tumble and the recession
unfolds, the advanced weapons industries, the military and national security
contractors and the up-and-coming mercenary companies (among others) have
experienced a thriving and booming growth of their various activities. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>War and the Economic Crisis</span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>War is inextricably linked to the impoverishment of people
at home and around the world. Militarization and the economic crisis are
intimately related. The provision of essential goods and services to meet basic
human needs has been replaced by a profit-driven "killing machine" in
<st1:PersonName w:st="on">su</st1:PersonName>pport of <st1:place w:st="on"><st1:country-region
w:st="on">America</st1:country-region></st1:place>’s "Global War on
Terror". The poor are made to fight the poor. Yet war enriches the upper
class, which controls industry, the military, oil and banking. In a war
economy, death is good for business, poverty is good for society, and power is
good for politics. Western nations, particularly the <st1:place w:st="on"><st1:country-region
w:st="on">United States</st1:country-region></st1:place>, spend hundreds of
billions of dollars a year to murder innocent people in far-away impoverished
nations, while the people at home <st1:PersonName w:st="on">su</st1:PersonName>ffer
the disparities of poverty, class, gender and racial divides.</span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>An outright "economic war" re<st1:PersonName
w:st="on">su</st1:PersonName>lting in unemployment, poverty and disease is
carried out through the free market. People’s lives are in a freefall and
their purchasing power is destroyed. In a very real sense, the last twenty
years of global "free market" economy have re<st1:PersonName w:st="on">su</st1:PersonName>lted,
through poverty and social destitution, in the lives of millions of people. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Rather than addressing an impending social catastrophe,
Western governments, which serve the interests of the economic elites, have
installed a "Big Brother" police state, with a mandate to confront
and repress all forms of opposition and social dissent. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The economic and social crisis has by no means reached its
climax and entire countries, including <st1:country-region w:st="on">Greece</st1:country-region>
and <st1:place w:st="on"><st1:country-region w:st="on">Iceland</st1:country-region></st1:place>,
are at risk. One need only look at the escalation of the Middle East Central
Asian war and the U.S.-NATO threats to <st1:country-region w:st="on">China</st1:country-region>,
<st1:country-region w:st="on">Russia</st1:country-region> and <st1:place w:st="on"><st1:country-region
w:st="on">Iran</st1:country-region></st1:place> to witness how war and the
economy are intimately related.</span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><b><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black;font-weight:bold'>Our Analysis in this Book </span></font></b><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The contributors to this book reveal the intricacies of
global banking and its insidious relationship to the military industrial
complex and the oil conglomerates. The book presents an inter- disciplinary and
multi-faceted approach, while also conveying an understanding of the historical
and institutional dimensions. The complex relations of the economic crisis to
war, empire and worldwide poverty are highlighted. This crisis has a truly
global reach and repercussions that reverberate throughout all nations, across
all societies. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>In Part I, the overall causes of the global economic
crisis as well as the failures of mainstream economics are laid out. Michel Chos<st1:PersonName
w:st="on">su</st1:PersonName>dovsky focuses on the history of financial
deregulation and speculation. Tanya Cariina H<st1:PersonName w:st="on">su</st1:PersonName>
analyzes the role of the American Empire and its relationship to the economic
crisis. John Bellamy Foster and Fred Magdoff undertake a comprehensive review
of the political economy of the crisis, explaining the central role of monetary
policy. James Petras and Claudia von Werlhof provide a detailed review and
critique of neoliberalism, focusing on the economic, political and social
repercussions of the "free market" reforms. Shamus Cooke examines the
central role of debt, both public and private. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Part II, which includes chapters by Michel Chos<st1:PersonName
w:st="on">su</st1:PersonName>dovsky and Peter Phillips, analyzes the rising
tide of poverty and social inequality re<st1:PersonName w:st="on">su</st1:PersonName>lting
from the Great Depression. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>With contributions by Michel Chos<st1:PersonName w:st="on">su</st1:PersonName>dovsky,
Peter Dale Scott, Michael Hudson, Bill Van Auken, Tom Burghardt and Andrew
Gavin Marshall, Part III examines the relationship between the economic crisis,
National Security, the U.S.-NATO led war and world government. In this context,
as conveyed by Peter Dale Scott, the economic crisis creates social conditions
which favor the instatement of martial law. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>The focus in Part IV is on the global monetary system, its
evolution and its changing role. Andrew Gavin Marshall examines the history of
central banking as well as various initiatives to create regional and global
currency systems. Ellen Brown focuses on the creation of a global central bank
and global currency through the Bank for International Settlements (BIS).
Richard C. Cook examines the debt-based monetary system as a system of control
and provides a framework for democratizing the monetary system. </span></font><span
lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>Part V focuses on the working of the Shadow Banking System,
which triggered the 2008 meltdown of financial markets. The chapters by Mike
Whitney and Ellen Brown describe in detail how Wall Street’s Ponzi scheme
was used to manipulate the market and transfer billions of dollars into the
pockets of the banksters. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>We are indebted to the authors for their carefully
documented research, incisive analysis, and, foremost, for their unbending
commitment to the truth: Tom Burghardt, Ellen Brown, Richard C. Cook, Shamus
Cooke, John Bellamy Foster, Michael Hudson, Tanya Cariina H<st1:PersonName
w:st="on">su</st1:PersonName>, Fred Magdoff, James Petras, Peter Phillips,
Peter Dale Scott, Mike Whitney, Bill Van Auken and Claudia von Werlhof, have
provided, with utmost clarity, an understanding of the diverse and complex
economic, social and political processes which are affecting the lives of
millions of people around the world. </span></font><span lang=EN-US><o:p></o:p></span></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'>We owe a debt of gratitude to Maja Romano of Global
Research Publishers, who relentlessly oversaw and coordinated the editing and
production of this book, including the creative front page concept. We wish to
thank Andréa Joseph for the careful typesetting of the manuscript and front
page graphics. We also extend our thanks and appreciation to Isabelle Goulet,
Julie Lévesque and Drew McKevitt for their <st1:PersonName w:st="on">su</st1:PersonName>pport
in the revision and copyediting of the manuscript.</span></font><font size=2
color=navy face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:navy'><o:p></o:p></span></font></p>
<p style='margin:0cm;margin-bottom:.0001pt;text-align:justify'><font size=2
color=black face=Verdana><span lang=EN-US style='font-size:10.5pt;font-family:
Verdana;color:black'><br>
<b><span style='font-weight:bold'>Michel Chos<st1:PersonName w:st="on">su</st1:PersonName>dovsky
and Andrew Gavin <st1:City w:st="on">Marshall</st1:City>, <st1:City w:st="on">Montreal</st1:City>
and <st1:place w:st="on"><st1:City w:st="on">Vancouver</st1:City></st1:place>,
May 2010</span></b></span></font><b><span lang=EN-US style='font-weight:bold'><o:p></o:p></span></b></p>
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