Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.

The development of a global economy has not been matched by the development of a global society. The basic unit for political and social life remains the natio…

The global crisis is caused by pathologies inherent in the global financial system itself.

We live in a global economy, but the political organization of our global society is woefully inadequate. We are bereft of the capacity to preserve peace and t…

The political situation starts to cool a little, but then we get the Ashcroft news and the market freaks out.

Money is indispensable to a long-circuit heavy load energy system. It must be used when a sufficient surplus is being produced to allow a margin for exchange, …

It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can soc…