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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