Jeff Faux of the economic policy institute has a nice speech about what crumbled and what needs to be done (minimally) to stabilize the global economy.
He has some important observations. Here are a few of his remarks:
"In my country, we talk of competition with Mexico. But what we call the Mexican economy is dominated by Americans and Mexicans corporate investors who use that competition to maintain low wages in both labor markets. And what we call the American economy is dominated by corporations who no longer consider themselves American.
So it is a great mistake to think of this cross-border economic relationship simply as competition between the people of Mexico and the people of the United States. In the global marketplace the interests workers in Mexico and the US – and in Chile and the rest of the world -- have increasingly more in common with each other, and less in common with the managers of global corporations who share their nationality. That the people of our countries understand this point is essential for organizing a politics to support social justice in the global economy...."