from znet.org

Three on Economic Crisis

Oct 22, 2008 By Mumia Abu-Jamal


Behind the Money Crash
By Mumia Abu-Jamal

For millions of people, the economic crash and crisis seems almost mystical.

What happened? Why did it happen? How did it happen?

It seems more complex than it really is. That's because the corporate
media is, more often than not, a contributor to confusion, rather than
a source of clarity.

The media thrives on conflict, chaos and controversy.

That's why I found in the {British} left press what I've never seen in
the corporate media: the text of a 2002 open letter from U.S.
financier, Warren Buffett to his Berkshire Hathaway shareholders.
Buffett, one of the richest people in the U.S., warned his
shareholders to avoid 'derivatives'. which he described as "time
bombs, both for the parties that deal in them, and the economic
system."

Buffett explained that derivatives are financial agreements for the

from: http://www.globalresearch.ca/index.php?context=va&aid=9728


Henry Paulson has lost the control over US finance

by William F. Engdahl

Global Research, August 2, 2008

When Henry Paulson agreed to leave his job as chairman of the powerful Wall Street investment bank, Goldman Sachs to go to Washington as Treasury Secretary in 2006 he demanded extraordinary powers as de facto economic czar. He got it. Paulson is also head of the President’s Working Group on Financial Markets -- the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Working Group is the financial world's equivalent of the Pentagon war room. Paulson, not Fed chairman Bernanke, is the person running the Administration’s crisis management. And his recent actions indicate he has lost control as the snowballing problems from the semi-government mortgage companies Freddie Mac and Fannie Mae to the collapse of the multi-trillion dollar market in Asset Backed Securities (ABS) to the real economy are compounding into the worst crisis since the 1930’s Great Depression.

‘The US banking system is sound…’

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