Financial crisis threatens to engulf us all -- a Green response
No doubt, readers, you are aware of the latest calamitous news from the world of finance this morning:
The money markets need to be re-regulated. Fast, and deeply. Unsustainable levels of debt are an economic and ecological disaster in the making, as I argue here:
Greens are at the leading edge of what will be a growing movement, in this truly disastrous period in the world finance markets and economy, to stop the rot in a way that does not merely create a further bubble. Because that is what the Fed's actions yesterday - in reducing interest rates further and creating yet more liquidity - risk doing. If they see off this crisis -- I don't believe they will, but IF they do -- they will do so merely by sowing the seeds of a greater crisis in coming years, by blowing debt and investment bubbles yet bigger.
The main Parties are timid on this issue. They are afraid to challenge big money. And they have no real solutions to offer. We Greens do.
And this issue is just going to grow and grow over the next several weeks...