Daniel Pinchbeck
The End of Money The current economic crisis may be another bump on capitalism’s always dizzying terrain, or it may signal epochal changes

The crisis of the financial markets has taken on gargantuan proportions.

This spring saw the emergency sale of Bear Stearns, the fifth-largest financial institution on Wall Street, to JP Morgan for a paltry sum by “Master of the Universe” standards, including its flashy corporate headquarters and thousands of employees. Even this sale only came about because the US Federal Reserve agreed to cover the risks of exposure to creditors, pushing the financial costs onto US taxpayers. Despite this bailout and other interventions in the supposed “free market,” the financial system is still reeling. Credit liquidity has disappeared, causing shockwaves in student loans and other areas.