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WHAT REALLY HAPPENED: THE FINANCIAL CRISIS GUIDE

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LESSONS IN DEMOCRACY
(www.lessonsindemocracy.org)

Contact: Roland Watson, roland@lessonsindemocracy.org

WHAT REALLY HAPPENED: THE FINANCIAL CRISIS GUIDE

April 24, 2009

Please forward.

We have published a short book about the global economic tumult – What Really Happened: The Financial Crisis Guide.

http://www.lessonsindemocracy.org/CrisisGuide.pdf

The Guide has two objectives: to reveal the different components of the  crisis, so everyone, particularly all the people who lost their homes, jobs and savings, can understand what happened; and to lay out a plan by which it can never occur again.

The latter is important because the Obama Administration, and the governments of other nations, are beginning to consider a variety of different, technical, regulatory changes. It is already clear, though, that the changes being discussed do not in fact address the crisis’ underlying causes. (Even Nobel Prize winning economists are being superficial in their appraisals.) Because of this, not only will an economic disaster of a similar magnitude inevitably recur, it is unlikely that we will be able to escape fully from the current collapse.

In news coverage of the crisis, it has been repeated again and again that the problem is so complicated as to be incomprehensible. This is not true. The crisis is complicated, because it has many different, and interwoven, parts. The Guide distinguishes these varied elements, and their interconnections. It should clear up a lot of the confusion.

The Guide is further being posted on the Lessons in Democracy website, because the crisis so vividly illustrates the underlying conflict between unrestrained corporate behavior and democratic governance.

Written by Lwin Aung Soe

April 24, 2009 at 4:24 pm

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