Don’t Blame Blacks for the Crisis of Capital
Political Economy - Globalism & Debt
Wednesday, 05 December 2007
A Black Agenda Radio commentary by Glen Ford
BARForecloseSignBIG How could the bursting U.S. sub-prime housing bubble cause chaos and confusion in world financial markets? By itself, it couldn't. What the predatory lending implosion revealed was the speculative foundation on which major banks build their paper empires. "Derivatives" and other arcane financial instruments whiz around the planet at ten times the volume of the entire globe's productive output, changing hands and boosting balance sheets - a blizzard of paper. The crisis that assorted idiots blame on African American borrowing is in fact systemic and unsustainable. Foreclosures in Black Town were simply the catalyst for potential collapse.
audio
http://www.blackagendareport.com/ind...d=455&Itemid=1
Political Economy - Globalism & Debt
Wednesday, 05 December 2007
A Black Agenda Radio commentary by Glen Ford
BARForecloseSignBIG How could the bursting U.S. sub-prime housing bubble cause chaos and confusion in world financial markets? By itself, it couldn't. What the predatory lending implosion revealed was the speculative foundation on which major banks build their paper empires. "Derivatives" and other arcane financial instruments whiz around the planet at ten times the volume of the entire globe's productive output, changing hands and boosting balance sheets - a blizzard of paper. The crisis that assorted idiots blame on African American borrowing is in fact systemic and unsustainable. Foreclosures in Black Town were simply the catalyst for potential collapse.
audio
http://www.blackagendareport.com/ind...d=455&Itemid=1
