Walden Bello is a sociologist and author in the Philippines and leader of the Global South. More articles are available at www.focusweb.org.
"We are now at that juncture where instead of performing their primordial task of lending to faciliatate productive activity, the banks are holding on to their cash or buying up rivals to strengthen their financial base..
Globalization has ensured that economies that went up together in the boom would also go down together, with unparalleled speed, in the bust, the end of which is nowhere to be discerned.."
to read Walden Bello's article, click on
http://www.rosalux.de/cms/fileadmin/rls_uploads/pdfs/Policy_Paper/policy_paper1_2009.pdf
Original: Capitalism's Crisis and our Response by Walden Bello