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Thursday, 21 February 2008

Northern Rock's rescue is part of a geopolitical sea change


Northern Rock's rescue
part of a geopolitical sea change
by Martin Jacques...
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This is no blip. The global economic crisis will burst the bubble of free-market doctrine and force states to take a more active roleThe world is holding its breath, still trying to grasp the potential enormity of what is unfolding. Economic downturns and stock market crashes are hardly unfamiliar, of course, even if a decade or so seems a long time ago for western consumers habituated to rising house prices and non-stop shopping.
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But this crisis threatens to be rather different, a Big One. Already it has forced the government to engage in what has been a heresy for almost three decades: nationalisation. Major crises such as the Northern Rock debacle are not matters of punctuation or pauses for reflection, but defining historical moments, marking the end of one era and the beginning of another.
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The 1970s was a classic case, as huge oil price hikes fed an inflationary spiral that brought both the long boom and the postwar welfare consensus to an end, and led to the rise of neoliberalism and deregulation. This crisis, however, threatens to be even more fundamental. While the 1973 gyrations were the result of a temporary shift of power from the industrial world to Opec, the underlying cause this time is permanent and far-reaching - a fundamental shift in power from the developed world to the developing world, and above all China and India.
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We have not witnessed anything like this since the inception of the west as an industrial powerhouse in the 19th century. The economic and political consequences will be of such a scale that they are impossible to comprehend. The present crisis has been long in the making, even if it has been obscured by the US spending over a decade in denial, as illustrated by the absurd post-9/11 neoconservative hubris about America becoming a latter-day Rome and the failure to address the growing imbalances between the US as a huge over-spender and East Asia as a massive saver.
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Northern Rock's rescue is part of a geopolitical sea change by Martin Jacques...
read full article here
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Wow, i had to bump this to my front page. This has to be the best article I have read in Months and Months. Thankfully more and more individuals are looking at the bigger picture now, and are starting to link the Geo-Political with the Economical issues...
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Hopefully enough articles like this will raise the awareness amongst the general public now, allbeit still in its early days for all this. And i cannot stress enough to the'you know whos' out there, get your fingers out your ears and get in touch!!! im pretty sure they still think that people like me mouthing off are just on a lucky streak which they can supress. If so then you have my sympathies and your families have all my best wishes for they will surelly need it. Me, i have done my homework, and been in all the right places at the right time. Your time is running out my friends. Think of your families. The earth is round. There is no one way ticket. But I can help...
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Public Amnesty In Disclosure - a United Program
P.A.I.D.-U.P.

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