Saturday, April 25, 2009

The Plight of the New World Order

While the Obama administration sees glimmers of economic hope, the challenge of the financial crisis continues to reverberate around the world.

In an assessment of these problems, news analyst Pepe Escobar looks at the failure of regulation that precipitated the crisis and the unwillingness of U.S. government leaders to confront the magnitude of the troubles ahead.

The crisis is forging a “new world order” that increasingly contests the notion of U.S. dominance.

The world’s financial crisis – and the pressure it is putting on the middle and working classes – could set the stage for escalating tensions and possible class warfare.

Even Establishment analysts are worrying about the potential for violence that comes with the global destabilization brought on by the bursting of Wall Street’s speculative bubble. Quietly, the Establishment is planning for how to respond to widespread civil unrest if the economic downturn worsens, Escobar says.