Stefan Engel, Bourgeois Political Economy in Shambles - Some additions to the Marxist-Leninist crisis theory
On September 15, 2008, with Lehman Brothers, after Bear Stearns, the second of the world’s five largest investment banks collapsed. That same week, the three other leading US investment
banks, Merrill Lynch, Morgan Stanley and Goldman Sachs, could be saved from insolvency only at the price of the loss of their role as investment banks and with the massive state intervention of the Bush Administration in the USA. These dramatic events interrupted the trillions in lucrative, worldwide organized finance flows. An international bank crisis strangled the financial markets; the international financial system threatened to collapse. Panic selling of foreign exchange and stocks to get hold of liquid funds sent currency markets into a tailspin and triggered an international stock market crisis.
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