The third leg of the world's
intractable depression is yet to come. If trade economists at the United
Nations are right, the next traumatic episode may entail the greatest
debt jubilee in history.
It may also prove to be the definitive crisis of globalized
capitalism, the demise of the liberal free-market orthodoxies promoted
for almost forty years by the Bretton Woods institutions, the OECD, and
the Davos fraternity.
"Alarm bells have been ringing over the explosion of corporate debt
levels in emerging economies, which now exceed $25 trillion. Damaging
deflationary spirals cannot be ruled out," said the annual report of the
UN Conference on Trade and Development (UNCTAD).
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