Bankers Fear World Economic Meltdown
By GABRIEL KOLKO
On June 15 we published Gabriel Kolko’s essay on the enormous instability of the world’d financial system. In the ensuing weeks Professor Kolko has enlarged his analysis, and here we offer our readers his updated version. AC / JSC
There has been a profound and fundamental change in the world economy over the past decade. The very triumph of financial liberalization and deregulation, one of the keystones of the “Washington consensus” that the U.S. government, International Monetary Fund (IMF), and World Bank have persistently and successfully attempted over the past decades to implement, have also produced a deepening crisis that its advocates scarcely expected.

Exxon Mobil makes more than $10 billion
No. 1 U.S. oil company earns $1,318 a second - topping forecasts - but comes in just shy of a record.
By Steve Hargreaves, CNNMoney.com staff writer
July 27 2006: 4:27 PM EDT


Robber baron (industrialist))
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