- Written by Mathew Thomas
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A story about the Barclays bank in the 'Business Insider' website makes amazing reading. It is common knowledge that financial globalization is a transnational phenomenon driven by private entities that has caused nation-states to lose control over their own currencies. The Asian financial crisis and the more recent global meltdowns are manifestations of this.
The international financial system has become a global casino. Billions of dollars and other currencies are traded daily in speculative bids on foreign money markets with the nations having no control over the trade or its effects. The trade is fast, furious and electronic. A change in value of one currency relative to another causes immense damage to one and perhaps a bonanza to another. This leads to unemployment, costly food imports and ruined families. Yet, no country speaks up against it. They seem impotent to stem the tide of the global casino.
Read more of the story in the link below.