Monday, November 03, 2008

Current world cash crisis caused by globalization--notes rise of the right after 1930's depression

(Al Gore global carbon trading deals may be next). On the worldwide financial crisis: "This is the dramatic equivalent of the collapse of the Soviet Union:
  • we now know that an era has ended," said Mr. (Eric) Hobsbawm, still lucid at 91.

"It is certainly greatest crisis of capitalism since the 1930s. As Marx and Schumpeter foresaw,

  • but is incredibly unstable. It operates through a series of crises....

At some point, Europe's political class will face the awful truth that their own credit bubbles are just as bad – and perhaps worse – than the excesses of US sub-prime property. As that occurs,

Professor Hobsbawm, who spent his youth watching Hitler's rise in Berlin, has a warning for those

  • who think this will help the Left in any recognizable form.

America was the great exception,

  • as it may prove to be again.

I (Hobsbawm) for one will take the enlightened "socialism" of Barack Obama any day over the

  • Hegelian broth nearing the boil in Europe."
From, "Revenge of the Left Across the World"via the Drudge Report


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