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-- "The near bankruptcy of Social Security" as Treasury funds were looted for Wall Street bailouts;
-- "The insecurity of private pension funds," the result of all of them having lost from 23 - 30% or more during the crisis;
-- "The loss of a real economy manufacturing base" has transformed the country into a low wage and benefit service one, in many cases requiring few skills and no future; offshoring a "diversified manufacturing economy is the root cause of the collapse of the US financial system and the emerging long-term recession;" and
-- Capital flight "from productive sectors to FIRE (and a) huge surge of (it) overseas" leaving the economy even more vulnerable.
Obama's domestic and foreign policies make economic recovery impossible, but "one thing is increasingly clear: his agenda is unsustainable; none of this can continue - whether the political and financial elite like it or not...The world's future is not safe in" the hands of the ruling oligarchy, and sooner or later an aroused public will assert itself. It's just a matter of time.
Latin America: Perspectives for Socialism in a Time of World Capitalist Recession/Depression
Economist Jack Rasmus calls the economic crisis an "epic recession," heading toward a full-blown depression. Petras calls it a "recession-depression (RD) because the negative growth of capitalism is a current ongoing process that is still in its opening phase," but moving in the same direction. Its unique features include:
-- nearly all world economies are integrated under a common system - so-called free-market capitalism controlling production and world markets; as a result, they all sink or swim together to a greater or lesser degree;
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