(Cartoon source: The Economist)New Century Financial. Sachsen Landesbank. Bear Stearns. IndyMac. Fannie Mae. Freddie Mac. Lehman Brothers. Merrill Lynch. AIG. They were all US companies that went belly up in the last few months.
British bank Barclays bought Lehman Brother's North American business. Japanese firm Normura Holdings has just bought Lehman Brother's Asia-Pacific unit. Morgan Stanley is said to be fighting for survival and China’s Bank Citic is being discussed as a possible rescuer and Singapore's own GIC is eyeing distressed US financial assets. Does this signal the irresistible shift of global power to Asia?
As the US government unveiled what is the largest overhaul of government-led financial regulation since the Great Depression, some opinion makers and stakeholders around the world now argue that the recent events signal the end of US-led capitalism. [Sung]
● “The End Of American Capitalism As We Knew It”
Financial Times
● “The World As We Know It Is Going Down”
Spiegel Online
● “Crisis Exposes Flaws in U.S. Economy, Tarnishes Image”
Bloomberg
● “Is this the end of US Capitalism”
Al Jazeera asks five prominent economists - Does the crisis signal the end of US-style capitalism? And if so, what are the lessons learned?
● “We Are All Capitalist Now? Not Any Longer”
The Times
British bank Barclays bought Lehman Brother's North American business. Japanese firm Normura Holdings has just bought Lehman Brother's Asia-Pacific unit. Morgan Stanley is said to be fighting for survival and China’s Bank Citic is being discussed as a possible rescuer and Singapore's own GIC is eyeing distressed US financial assets. Does this signal the irresistible shift of global power to Asia?
As the US government unveiled what is the largest overhaul of government-led financial regulation since the Great Depression, some opinion makers and stakeholders around the world now argue that the recent events signal the end of US-led capitalism. [Sung]
● “The End Of American Capitalism As We Knew It”
Financial Times
● “The World As We Know It Is Going Down”
Spiegel Online
● “Crisis Exposes Flaws in U.S. Economy, Tarnishes Image”
Bloomberg
● “Is this the end of US Capitalism”
Al Jazeera asks five prominent economists - Does the crisis signal the end of US-style capitalism? And if so, what are the lessons learned?
● “We Are All Capitalist Now? Not Any Longer”
The Times
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