[Marxism] The End is Nigh

Greg McDonald sabocat59 at mac.com
Tue Nov 6 11:13:26 MST 2007


"The End is Nigh!" Cries Paul Volcker, as Heads Topple at Merrill  
Lynch and Citigroup
Welcome to Year 27 of the Reagan Revolution

By MIKE WHITNEY

Last Wednesday, the Federal Reserve dropped its benchmark interest  
rate by 25 basis points to 4.5 per cent citing ongoing weakness in  
the housing sector. As expected, the stock market rallied and the Dow  
Jones Industrial Average went up137 points. Unfortunately, Bernanke's  
"low interest" stardust wasn't enough to buoy the markets through the  
rest of the week.

On Thursday, the hammer fell. The Dow plunged 362 points in one  
afternoon on increasing fears of inflation, a slowdown in consumer  
spending, a steadily weakening dollar and persistent problems in the  
credit markets. By day's end, the Fed was forced to dump another $41  
billion into the banking system to forestall a major breakdown. This  
is the most money the Fed has pumped into the financial system since  
9/11/2001 and it shows how dire the situation really is.

Full: http://www.counterpunch.com/




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