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Global Economic Crisis: The Great Depression of the XXI Century [Paperback]

Michel Chossudovsky , Andrew Gavin Marshall
4.8 out of 5 stars  See all reviews (4 customer reviews)
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Global Economic Crisis: The Great Depression of the XXI Century + America's "War on Terrorism" + Globalization of Poverty and the New World Order
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Product details

  • Paperback: 390 pages
  • Publisher: Global Research, Centre for Research on Globalization; 1 edition (25 May 2010)
  • Language: English
  • ISBN-10: 0973714735
  • ISBN-13: 978-0973714739
  • Product Dimensions: 20.8 x 13.5 x 2.5 cm
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: 507,102 in Books (See Top 100 in Books)

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Product Description

Global Economic Crisis The meltdown of financial markets was the result of institutionalised fraud and financial manipulation. This book takes the reader through the corridors of the Federal Reserve, into the plush corporate boardrooms on Wall Street where far-reaching financial transactions are routinely undertaken. Full description

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12 of 12 people found the following review helpful
5.0 out of 5 stars Useful explanation of the crisis 8 Sep 2011
Format:Paperback
Michel Chossudovsky is Professor of Economics at the University of Ottawa, and Andrew Marshall is a Research Associate with the Center for Research on Globalization. This collection presents evidence of the infamy of the current world order, which one author, Claudia von Werlhof, calls the New World War order.

The big lie is that the economy is safely on the road to recovery, because the basics are sound. In fact, the ruling class is attacking wages and democracy. It is war at home and abroad. Under finance capital, the First World is `developing' into the Third World, just as the Second World has already done.

The Bank for International Settlements, the only international body to predict the crisis, warned that the biggest risk is that bond investors would make governments abandon their stimulus packages, and instead slash spending while raising taxes and interest rates.

The deregulation of the US banking system gave unprecedented powers to Wall Street firms to seize banks all over the world. The bailouts fund mergers and acquisitions of smaller rivals. Governments are privatising the state, not nationalising the banks. The banks impose conditions on governments (cut public services, privatise everything), not vice versa. As Sir Josiah Stamp, Director of the Bank of England, wrote decades ago, "if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit."

Concentrated capital exploits impoverished labour, wresting more profits from more workers. Under growing corporatism, governments subsidise capitalists via PFIs, bail-outs, arms deals and tax breaks.
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8 of 8 people found the following review helpful
5.0 out of 5 stars Economic chaos and confusion explained. 2 Sep 2011
Format:Paperback
Explains in laymen terms how the global economic crisis came to be and destroys all the mainstream myths about banks and economics. Well worth a read for anyone wanting to understanding what's really going on in this world.
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6 of 6 people found the following review helpful
Format:Paperback
As this book has been written by several people I will review each part as I finish them!

I will start with Chapter 1 by Michel Chossudosvsky. This is the first time I have read anything by this author and in the meanwhile I saw that he wrote another book that might interest me (Globalization of Poverty and the New World Order) but to be honest... although I think that what he has to say is quite important all the repetitions put me off ever reading something else written by him! Maybe I am wrong and this other book isn't full of repetitions, the fact is that this one is!

But this is an important book nevertheless, for all those who want to know what this crisis is all about. Actually.... it should be read by anybody who walks around in this world! We are being told so many lies..... So many people still believe that they have to contribute more so that our grandchildren will have a better life, etc, etc.... all rubbish and if you didn't know that, you can find out in this book! At the end of his chapter the author gives some advice of how things could change, very wise advice but it will never work! Without wanting to sound pessimistic I think that the rich elite know very well what they are doing and they also know very well how to deal with any unrest. It is too late for that! In order for it to work everybody in this world had to get up and bring these criminals to justice but too many people are so brain-washed that this will never happen! I would have liked if he had also mentioned aid to the third world, one of the biggest scams all times and it is difficult to comprehend that countries that are bankrupt borrow more and more for aid that never, ever reaches the poor anywhere!
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3 of 4 people found the following review helpful
By Luc REYNAERT TOP 1000 REVIEWER
Format:Paperback|Verified Purchase
What this hard-hitting book makes crystal clear is the fact that the Western world is dominated by a tiny super-wealthy elite, whose political, economic, financial, social and military policies are interwoven in order to further their worldwide dominance.

Economic and social policies
Free markets don't exist. An example: a small number of global corporations have the ability to determine the prices of food staples quoted on the commodity exchanges, directly affecting the standard of living of billions of people.
Neoliberalism with its gospel of deregulation and liberalization of prices, foreign trade and investments and of downsizing of the public sector is simply part of a hegemonic project of concentration of power and wealth.
Economic slumps are used to launch class wars against workers by pushing down labor costs. The only goal of relocations is the generation of greater profits.

Political issues and freedom
The main aim of the world elite is the creation of a world government, thereby eliminating democratic rule. Freedom should only be reserved for corporations. Citizens are only useful as consumers and for the socializing of losses, as has been the case in the recent bank bail outs worldwide. Those who created the crisis were also the greatest beneficiaries of the elected civil government's largesse.
The media, controlled by the powerful, are creating a web of deceit and a virtual world for the plebeians.
Geopolitically, there is already an economic war going on between two blocs: US/NATO v. China/Russia.

Financial issues
Financial markets are rigged by prior knowledge and inside information, together with the spreading of misleading or fake dispatches and alarms.
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Amazon.com: 4.4 out of 5 stars  12 reviews
51 of 52 people found the following review helpful
5.0 out of 5 stars Truth About Global Economic Crisis 25 Nov 2010
By Joel S. Hirschhorn - Published on Amazon.com
Format:Paperback
You want to read The Global Economic Crisis The Great Depression of the XXI Century, edited by Michel Chossudovsky and Andrew Gavin Marshall, if you meet these criteria: you welcome information and analysis about critically important issues that come from great thinkers outside the mainstream media and publishing world; you can handle brain pain from detailed and brutally honest revelations; you are willing and able to challenge your own biases and preconceptions to let in new explanations of how the world really functions.

If millions of Americans read this book, we would probably see a far stronger uprising against the political establishment that has refused to severely punish the countless guilty people in the financial, banking and mortgage sectors that brought down the US and global economic system.

This book ties together a large number of factors in twenty chapters that reveal just how corrupt the world has become because of the power of plutocratic, wealthy and corporate interests. From Wall Street corporate boardrooms to the Federal Reserve and other central banks to the US military and NATO, a multitude of threads get woven into a disturbing tapestry of crimes against society that still have not been prosecuted.

This book is truly an instrument of anti-brainwashing. If you are willing to spend serious time reading it, then you surely will become much angrier about the dismal state of the economy that is causing so much pain and suffering to ordinary people worldwide. If you personally have escaped the worst ravages of the economic meltdown, then you will have much more compassion for those severely affected.

In all honesty, if the current global economic crisis has made you angry, pessimistic, fearful, paranoid, despairing and worse, then this book will most likely exacerbate all such feelings. By revealing still more connections, implications and causes, this book will motivate you to do anything you can to fight the corporate, plutocratic forces devastating the lives of ordinary people. If you already have little confidence in government, it will only make things worse. Does all this mean you should avoid reading it? Absolutely not.

Here are a few statements from the book that resonated with me and that you can use to decide whether the general philosophic orientation of it is compatible with your views:

"Wall Street's Ponzi scheme was used to manipulate the market and transfer billions of dollars into the pockets of banksters."

"Government rescue packages around the world are corporatist in their very nature, as they save the capitalists at the expense of the people."

"The global political economy is being transformed into a global government structure at the crossroads of a major financial crisis."

Just gin up the courage to read it, get out several color markers to highlight passages and expand your knowledge to overcome all the propaganda constantly being hurled at you. We need more citizen unrest to energize more public protests to overthrow the powers that have corrupted and perverted our government. A key voice in the mainstream media that is in sync with the painful messages in this book is Dylan Ratigan who has a terrific daily show on MSNBC. He too should read this timely book.
29 of 29 people found the following review helpful
5.0 out of 5 stars Analysis of Our Current Situation 24 Dec 2010
By Elliot Malach - Published on Amazon.com
Format:Paperback|Verified Purchase
The book is a compilation of articles written by different authors with a wide variety of backgrounds. It is divided into 5 parts that cover everything from the economic crisis to global poverty, war, monetary systems and the shadow bankers.

Other books I have read and reviewed corroborate most of what I have read here. The big financial institutions with government connections manipulate the markets. Market crashes and rallies are engineered to maximize their profits and expansion at the expense of the government (taxpayers) and individual investors. Everywhere you look in this system the same old "good ole boys" keep showing up. They rotate from the private financial sector to government and back again.

The book brings up some interesting points:
-One I was totally unaware of was that China is cornered into investing its balance of trade surplus dollars in U.S. debt, thus financing the U.S. military buildup against them.
-Workers are seen as merely a cost of production. Globalization is all about installing monopolies, not improving life.
-World agriculture has the capacity in place to feed the entire planet, but the system prevents it from happening.
-Big players move the commodity markets to keep prices high, thus causing starvation - eliminating the poor, because starvation is good for profits.

I got a good laugh out of Ch. 14 & 17, where the writer describes how great the misunderstood Bilderberg Group's "one world order" will be. This guy may be totally clueless, but the editors let everyone express their opinion on the current global crisis, so that is a good thing.

On shadow banking, Pres. Lincoln said it best," I have two great enemies, the Southern army in front of me, and the bankers in my rear. Of the two, the one at my rear is my greatest foe.
20 of 20 people found the following review helpful
5.0 out of 5 stars Crucial to understanding the mess we're in 1 Feb 2011
By Doug Welch - Published on Amazon.com
Format:Paperback|Verified Purchase
One thing you can say about mainstream coverage on the causes and consequences of the Economic Crisis which began in Sept. of 2008 is that the more you watch, the less you seem to know. Well, part of the problem is that these same reporters were cheering on the very worst actors in this drama as they were racing into a brick wall. Well, Michel Chossudovsky and his gang of muckraking investigative journalists and academics offer a more balanced and well-rounded review of what the reality on the ground was like for the global economic system before and after the collapse of 2008. Once you realize to what extent the Old Order was essentially based around massive fraud and once you notice that the same crooks who crashed the system are mostly still in charge and are trying to fire up the old bubble machine you too will be rightfully outraged.
Among the topics covered are: to what degree was the Global Economic System founded on corruption, fraud and given cover by the media? How is it that Globalization hasn't delivered on the promise for raising standards of living worldwide? How does the emergence of China as an actor on the global stage affected economic and security concerns? To what extent is the economic crisis related to the advance of militarization, including among powers that had previously eschewed military force as a means of pursuing policy? Read this book and you will be enlightened.
9 of 9 people found the following review helpful
5.0 out of 5 stars Excellent book! 28 Feb 2011
By KDelphi - Published on Amazon.com
Format:Paperback|Verified Purchase
A very wide variety of authors, a general point of view, that is anti-globalization and anti-capitalist. And that is exactly what i am.

Some chapters contain amazing quantities of information that I have not seem anywhere else...it will take you awhile to read it "well", but it will be well worth your time.
7 of 7 people found the following review helpful
4.0 out of 5 stars What a mess...... I mean, the world, not the book! 14 Dec 2011
By Francisca - Published on Amazon.com
Format:Paperback
As this book has been written by several people I will review each part as I finish them!

I will start with Chapter 1 by Michel Chossudosvsky. This is the first time I have read anything by this author and in the meanwhile I saw that he wrote another book that might interest me (Globalization of Poverty and the New World Order) but to be honest... although I think that what he has to say is quite important all the repetitions put me off ever reading something else written by him! Maybe I am wrong and this other book isn't full of repetitions, the fact is that this one is!

But this is an important book nevertheless, for all those who want to know what this crisis is all about. Actually.... it should be read by anybody who walks around in this world! We are being told so many lies..... So many people still believe that they have to contribute more so that our grandchildren will have a better life, etc, etc.... all rubbish and if you didn't know that, you can find out in this book! At the end of his chapter the author gives some advice of how things could change, very wise advice but it will never work! Without wanting to sound pessimistic I think that the rich elite know very well what they are doing and they also know very well how to deal with any unrest. It is too late for that! In order for it to work everybody in this world had to get up and bring these criminals to justice but too many people are so brain-washed that this will never happen! I would have liked if he had also mentioned aid to the third world, one of the biggest scams all times and it is difficult to comprehend that countries that are bankrupt borrow more and more for aid that never, ever reaches the poor anywhere!

Chapter 2 - Not that interesting.... No repetitions but not much substance! The most interesting bit are the opening sentences in italic!

Chapter 3 - Some interesting facts although I don't agree with the authors' concern that "single-family homes construction has fallen to a 26 year low". I don't really know what is the reality in the USA as far as this goes but I think that they have the same problem you see here in Europe: existing houses are not selling but more and more are built in order to keep the industry alive! So, not really a problem if building and therefore wrecking of nature slows down! Also we might think that capitalism is inherently flawed but the ones on the receiving end won't and for the time being they hold the power! There is an interesting bit about how all the wealth is concentrated in very few hands with some facts I didn't know like the fact that from 1990 to 2002 for each added dollar made by those in the bottom 90% those in the uppermost 0,01% made an additional 18.000 (from 1950 to 1970 it was 162 dollars). Staggering figures.... Also of interest, the fact that although we consume a lot less because we don't have the money to do it, consumption went up due to people working longer hours, having more than one job and because of two earner households. But people still believe that they have to work harder and mothers have a duty to go out and work instead of looking after their families!

Chapter 4 - Although the author seems to be a real expert on the subject with loads of books published in lots of languages I found it badly organized and often got lost. My fault I suppose.... It contains interesting facts, nevertheless! One fact has changed, in the meanwhile, the troops are out of Iraq but well, he couldn't know that! Something I don't agree with is where he says that if minimum wages and unemployment benefits were doubled that would increase demand and would stimulate the economy. Yes, people could spend more but lots of benefits have been fatal here in Europe! Interestingly enough the author refers to Obama's government as being a regime. At least here in Europe the word regime is only used for government the West doesn't approve of so well done to show the world that there are rotten regimes in the West itself! I remember when people voted for Obama I would say based on his skin color and were all shedding a tear of excitement.... well, now they will be shedding other tears!

Chapter 5 - Maybe one of the best chapters so far. I have never been into globalization but I seemed to be the only one who didn't agree with it. This chapter is all about Globalization and Neoliberalism. I agree with the author, globalization is not inevitable, on the contrary, it should maybe have been avoided! The author believes in Global Warming, a belief I don't share. Very interesting section "Neoliberalism justifies robbery and Pillage"!

Chapter 6 - This chapter talks about things like how we are being lied to by being told over and over again that the economy has hit rock bottom (never true as it always seems to fall further...), how we have "turned the corner", things weren't "as bad as expected", only to keep us quiet! The disaster all the cuts in the economy are for an economy dependent on consumer spending (I always wonder about that, if we can't spend how is the economy supposed to survive?). What will replace consumer spending? How trade unions were brought to their knees, etc. Right now I live in a place where taxes are low and people are well paid. The result is a healthy, happy looking population where businesses seem to thrive. Cafés are always full of people who have money and time to enjoy it. How old-fashioned..... but it gives me a great feeling!

Chapter 7 - Another chapter by Michel Chossudovsky, again with quite a few repetitions as all his chapters seem to be! But very interesting! This chapter is part of Part II about Poverty and Unemployment. The frightening thing is that the whole planet is going to hell and no one seems to be able to avoid disaster. He shows how food prices escalate creating famine for whole populations and even more wealth for a few (funny enough we are called to give even more money to charity, meaning... the extremely wealthy!). The truth is that there is more than enough food to feed everybody but it never seems to reach those who need it. Also the increasing of the price of water is a huge problem, again, profiting a few to the detriment of whole populations. Throughout this book the role of the IMF, the World Bank and the WTO is clearly stated and my conclusion is that these are criminal organizations but.... not many see it!

Chapter 8 - Poverty and Social Inequality. How prices don't cease to go up while wages lay flat for many years or even drop. According to some authors the plans of the New World Order are for the world to be populated by paupers and ruled by a small, extremely rich elite. I think that we are heading there really fast! According to the author there is more wealth now than ever before but concentrated in very few hands!

Chapter 9 - Part III is about War, National Security and World Government. This chapter is about War and the Economic Crisis. Although most people don't realize it both are interconnected. The US always seems to be behind most uprises in the world, if not all, and always for its own profit. For those who don't believe that the US was in some way connected to 9/11 read this book and you will find some interesting details.

Chapter 10 - I found it a bit more difficult to read but that is because I am in no way an economic expert, just inhabit this planet and am therefore interested in what is going on here! But it contains some interesting facts about how countries have no choice but to finance the US military spending.

I won't review the remaining chapters or else my review would become far too long and maybe that wouldn't be of interest but I hope to have given prospective readers an idea of what the book is about. Worth reading indeed...... Instead of concentrating so much effort in teaching children about sex maybe schools should take a few topic from books like this!
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