[Marxism] International Socialism: From global slump to long depression
lnp3 at panix.com
Sun Nov 3 14:56:01 MST 2013
It is now six years since the first rumblings of the earthquake that was
the global financial crash and the Great Recession. On 9 August 2007 BNP
Paribas announced that it was closing down two of its funds of US
mortgage backed securities and taking heavy losses. It was not long
before other banks across the US and Europe announced similar losses.
The stock market began to plunge from October 2007 (it had been
faltering from March).
Then there was an avalanche of losses for banks globally. The US and the
rest of the advanced capitalist economies then plunged into the Great
Recession that lasted for 18 months from the beginning of 2008 to the
middle of 2009.
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