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LINKS:The crisis of the global economy

A report of the Institute of Globalisation and Social Movements, Moscow

By Vasily Koltashov

Translated by Renfrey Clarke, Links – International Journal of Socialist Renewal (http://links.org.au)

Moscow, June 9, 2008 -- In the early weeks of 2008 virtually all Russian and foreign experts viewed the situation in the world economy favourably. Warnings from a few analysts that a major economic crisis lay ahead were not taken especially seriously by optimistic-minded populations.

On January 22 the stock exchanges were shaken by the first slump, followed by a series of new collapses. The world’s share markets were destabilised. Inflation accelerated, with food prices beginning to rise sharply. A number of American and European banks announced colossal losses in their results for 2007. The scale of the economic problems in the US became evident. A new world crisis had begun. The emergence of its first symptoms provoked numerous questions concerning the nature of the crisis, the reasons behind it, and the logic shaping its probable development.

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