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America's Looming Fiscal and Social Collapse What is required is an overhaul of Treasury and freeze the activities of The economic prospects are terrify- the monetary system including the the hedge funds; ing. Bankruptcies in the United functions and ownership of the cen- freeze the gamut of speculative States, Canada and the European tral bank, the arrest and prosecution transactions including short-selling Union are occurring at an alarming of those involved in financial fraud and derivatives trading oe rate. Country-level exports have col- both in the financial system and in : lapsed, leading to a contraction of governmental agencies, the freezing international trade. of all accounts where fraudulen About the Author: Reports from the Asian economies _ transfers have been deposited, and indicate a massive increase in unem- the cancellation of debts resulting ployment. In China's Pearl River from fraudulent trade and/or marke’ Basin in southern Guangdong manipulation. he Centre for Research on Province's industrial export process- People across the globe must Globalization, Montreal, Canada ing economy, some 700,000 workers mobilise. This struggle to democra- (www-globalresearch.ca). He is editor were laid off in January. In Japan, tise the financial and fiscal apparatus Of and a regular contributor to industrial output has collapsed by must be broad-based and democrat- GlobalResearch.ca, the group's online more than 20 per cent since ic, encompassing all sectors of soci- Presence. He is the author of The December. In the Philippines, exports _ ety at all levels in all countries. What Globalisation of Poverty and the New World collapsed by more than 40 per cent in _ is ultimately required is to disarm the Order (1997) and America's "War on December. financial establishment. We need to: __ Terrorism" (2005). There are no solutions under the ¢ confiscate those assets which The complete version of Prof. prevailing global financial architec’ were obtained through fraud and Chossudovsky's original article Professor Michel Chossudovsky is Professor of Economics at the University of Ottawa and Director of ture. Meaningful policies cannot be _ financial manipulation; "America's Fiscal Collapse", with doc- achieved without radically reforming —_ restore the savings of households uments and tables, is available at the the workings of the international through reverse transfers; web page http://www.globalresearch. banking system. e return the bail-out money to the _ ca/index.php?context=vaSaid=12517. Treasury and freeze the activities of the hedge funds; . roe ¢ freeze the gamut of speculative transactions including short-selling NEXUS ¢ 79 Continued from page 15 and derivatives trading. APRIL - MAY 2009 www.nexusmagazine.com