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The basic story of the financial crisis is familiar enough. Thanks to the deep integration of global banking, securities, and funding markets, the contagion quickly spread to major financial institutions around the world.By late 2008, banks in Belgium, France, Germany, Ireland, Latvia, the Netherlands, Portugal, Russia, Spain, South Korea, the United Kingdom, and the United States were all facing existential crises.“September and October of 2008 was the worst financial crisis in global history, including the Great Depression.” Ben Bernanke, then the chair of the U. Federal Reserve, made this remarkable claim in November 2009, just one year after the meltdown.
International Institute for Labour Studies (IILS) Regulating for Decent Work.
New directions in labour market regulation From the Great Recession to Labour Market Recovery.
The turning point was the decision in September 2008 to let Lehman Brothers fail, an event that had a series of ruinous cascading effects.
Given the depth of the crisis in the United States and Europe, it was only to be expected that India too would be affected.
It argues that the mechanisms that helped sustain growing global imbalances and preserve the role of the dollar as international money are under threat in the current crisis.
The effects of the global financial crisis have been more severe than initially forecast.
So, in addition to reasserting public control over the credit creation process, the us has to be prepared in case the dollar plunges in value, and focus on how to resume the recycling of trade surpluses before contraction begins to destroy them.
The global monetary standard and thus the integrity of monetary reserves need to be safeguarded, and a recycling of trade surpluses would wean world demand away from its dependence on us overspending without the world getting stuck in a depression.
On the contrary, it fosters a climate that encourages them.
While the United States' emphasis on reviving banks and public spending are both important, neither addresses directly the main source of deflation, which is that the global imbalances are no longer being recycled effectively.