Financial meltdown: another day, another finance house bites the dust Last Thursday it was Carlyle Capital Corporation. On Friday it was the turn of Bear Stearns, the fifth largest bank in the USA. The American Central Bank, the Fed, is due to meet this week to talk about interest rates. Most likely they will cut them again. The trouble is, the more they slash rates the more people can smell the fear.
1929: Can it happen again? Republication of the article is timely. In 2007 the sub-prime mortgage bubble finally burst. The financial crisis has already had a knock-on effect on the banks through the credit crunch. The capitalist world stands on the threshold of recession.
Who Owns the Wealth and How they Spend It In 2006 the world's richest two percent of adults owned more than half the global wealth, while half the world's population own only one percent. In 2007 the World Wealth Report estimated the total wealth of rich individuals at $37.2 trillion! While this wealth accumulates for a small minority, the vast majority of humanity is seeing its living standards plummet. In these figures we see another picture: the growing tensions between the classes that will lead to social upheaval and revolution on an unprecedented scale.
