Downturn in Decibels, Too
NY Times - Tuesday night’s presidential debate was remarkable for the dourness of its mood, for the frequently subdued demeanors of the candidates even as they tore into each other, which they did with somewhat less vigor and venom than expected, given how little time remains until Election Day, given how nasty the campaign had recently turned.
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Stocks Keep Spiraling Down
BusinessWeek - A fifth straight day of losses ends with the Dow down 508 points, the S&P 500 under 1,000, and markets facing their worst year since 1937.
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EU Finance Ministers May Increase Savings Guarantee
Spiegel - Finance ministers from the 27 European Union member states are meeting on Tuesday and will likely agree to increase the EU private savings guarantee. But the bloc still has no strategic vision for how to confront the crisis. And none is likely to be forthcoming.
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Naomi Klein: Ideas have consequences
Democracy Now - What we are seeing with the crash on Wall Street, I believe, should be for Friedmanism what the fall of the Berlin Wall was for authoritarian communism: an indictment of ideology. It cannot simply be written off as corruption or greed, because what we have been living, since Reagan, is a policy of liberating the forces of greed to discard the idea of the government as regulator, of protecting citizens and consumers from the detrimental impact of greed, ideas that, of course, gained great currency after the market crash of 1929, but that really what we have been living is a liberation movement, indeed the most successful liberation movement of our time, which is the movement by capital to liberate itself from all constraints on its accumulation.
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Global Fears of a Recession Grow Stronger
NY Times - The vertiginous drop in stock markets on both sides of the Atlantic on Monday reflected not only those fears, experts said, but also a growing belief that the crisis could tip the world into a global recession.
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The day fear hit the markets
Independent - Fear. If there was one word to sum up the world’s financial markets yesterday, it was that. No one wanted to buy shares and, yet again, no one much wanted to lend money.
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Beggar thy neighbour
Economist - Extending insurance on retail deposits is no bad thing, especially in cases where the guarantees make explicit promises that had previously been implicit. Yet when done in haste, it may serve to make deposits more volatile. Blanket coverage of all deposits may encourage further recklessness on the part of banks and those whose money they hold.
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Alatke za momke
Republika by Dubravka Ugrešić - Da, države su igračke za dječake, toys for boys. Najveća ironija – iako dječaci ne razumiju riječ »ironija« – leži u tome da u njihovim državicama ništa nije ni njihovo niti nezavisno. Dječaci pojma nemaju da iza svega stoji nevidljivi gospodar, taj koji im je tutnuo igračke u ruke. Imena tih nevidljivih gospodara su različita, već prema tome, korporativni kapitalizam, ujedinjena mafija, u svakom slučaju – NOVAC.
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