America's Economic Meltdown?

There’s growing concern among economists and market-savvy pundits that the global financial system is hanging by a few well-worn threads that could snap at any time. The $10.4 trillion real estate “bubble” has attracted the most attention, but the shaky derivatives market, hedge funds, and falling dollar are equally worrisome. 20 years of deregulation has created an economic monster which is increasingly unmanageable and threatens to bring down the whole system in a heap.

...“The entire global financial structure is becoming uncontrollable in crucial ways its nominal leaders never expected. Instability is increasingly its hallmark….Contradictions now wrack the world’s financial system, and if we are to believe the institutions and personalities who have been in the forefront of the defense of capitalism, it may very well be on the verge of serious crisis.”

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