One measure of the surge in speculative activity is the sharp rise in
foreign exchange (FX) dealing. In September 2004 the Bank for
International Settlements (BIS) published its sixth triennial survey of
foreign exchange and derivatives trading activity.
Eurozone leaders attending the recent G7 summit of finance ministers
from the richest capitalist nations let out a howl of impotent anguish.
The statement issued after their meeting (7/8 February) at Boca Raton,
Florida, deplored the "excessive volatility and disorderly movements" in
THE BOOMS of the 1980s and 1990s were both driven by frenzied
international financial speculation. They have left deep problems for
capitalism, and now form a massive barrier to a new, sustained economic
upswing in the world economy.
DUBLIN HAS the odious task of hosting the World Economic Forum (WEF)
from 19 - 20 October. The WEF, which is a representative "think tank"
for the top thousand multinational corporations in the world, plans to
hold a summit on "European Competitiveness".
The world economy is on the edge of a prolonged period of stagnation.
Before the war on Iraq began, its approach had already made a negative
impact. A United Nations statement in January this year forecast: "An
escalation into military action would have even more profound negative
economic consequences". The...