(28) Because the drain on wages was not/ and could not used to invest more, extra profits were accumulated in the financial sector. But they are staying for the quality, and they are investing for the innovation.
In this situation, dollars rapidly accumulated in foreign banks, particularly those serving petroleum-exporting countries. Mathew Simmons, a member of Dick Cheney’s Energy Task Force, ‘94. That is why all those governments rushed to interfere, pouring billions of dollars into private banks, hoping the recipients will use the cash to start lending and borrowing again.
Sub-prime mortgages carry a higher risk to the lender (and therefore tend to be at higher interest rates) because they are offered to people who have had financial problems or who have low or unpredictable incomes.11. Pedestrians wearing face masks walk toward an electric board showing stocks' share price on the Tokyo Stock Exchange in Tokyo on March 13. Andre Gunder Frank, ‘World System History’, Preliminary draft 74. Its public health measures along with those of Taiwan appear to be the best in the world. Asia, and especially East Asia, was already dominant for most of human history and remained so until very recently, that is less than two centuries ago. (53)By the 1970s, West European and Japanese capital had already recovered from the devastation of the Second World War and begun out competing US corporations, and US economic hegemony, both in America and abroad. 33 Ibid. Thus, it is expected that emerging economies will account for 100 percent of global growth next year. The depth and severity of the current crisis are likely to signal major global political economy changes that will result in such a major geopolitical shift.
Especially mortgage re-financings and home-equity loans allowed U.S. households to cash in capital gains from rising housing prices without having to sell off their homes. During the same weeks, the remaining four investment banks on the Wall Street all went under in one way or another.
‘The new Seven Sisters: oil and gas giants dwarf western rivals’, FT.com, 11 March 2007, 80. 2. (72) In the coming decades, how these Asian giants integrate with the rest of the world will largely shape the 21st century global order. The reality began to sink in that what started as an external biological shock to the economy might be mutating into an internal collapse in confidence and credit.A sudden credit crunch exposes those that have too much debt and weak business models and have taken excessive risk. But that supplies renminbi, not dollars. Instead, bank president Christine Lagarde managed to make matters worse by seeming to signal that the ECB had no mandate to support Italy.
(14) At that stage no one knew precisely how deep any particular bank’s problems because the ‘financial instruments’ were so complicated. All major banks in the US and in Europe were doing this, setting up special entities to borrow in order to lend. James Pressley, ‘Brace for $1 Trillion Writedown of `Yertle the Turtle’ Debt’, Bloomberg Press, 31 March 2008, 28.
34 Ira Glass, Adam Davidson, and Alex Blumberg, "The Giant Pool of Money," NPR: This American Life, May 9, 2008. The end of cheap oil indicates a potentially spectacular reshaping of the globalized trade flows that have emerged in the last two decades. This would mark the first annual contraction in the post-WW II period for these countries as a group.
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