Understanding the financial crisis
The news channels are carpeted with reports about the financial crisis.
Some of us follow it obsessively, realising the historic importance of what is happening. We are on a steep learning curve, partly because of the jargon used in financial circles. However, the basic concepts are simple. Even derivatives, which underly the fragility of the current financial situation, are understandable on one important level, even though nobody, not even their creators, and certainly not the bankers who bought them, has a complete understanding of all of them.
We can make a difference to the situation, by writing to our democratic representatives. But to write, we first need to understand.
At the moment, there are two points that need to be pressed home to Governments:
The need to control the derivatives, in order to reduce the risk of a market crash, and
the need to start on the Green New Deal to address the recession.
Or to just pokle around, click here
