[Marxism] International Socialism: From global slump to long depression

Louis Proyect 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.

full: http://isj.org.uk/index.php4?id=914&issue=140

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