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9 November 2012 Local.docx

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GEOG 216
Julia Freeman

9 November 2012 Local-global geographies of the financial crisis (Reading 14, Martin) Financial Crisis and Overaccumulation Martin p. 613: “Whilst the over-accumulation crisis tendencies of capitalism attracted the attention of geographers in the 1980s, that concern has since all but evaporated. In the light of the recent financial crisis… geographers need to re-ignite that interest…” 1980s Third World Debt crisis “Once you have been met and guided through customs by a solicitous driver who then whisks you through traffic in an air-conditioned limousine to your luxurious hotel and thence to an elegant dinner with the truly charming people who head the finance ministries of developing countries, it is a real come- down to grab a cab and check yourself into one of the inevitably tacky hostelries that pass fort the ‘best’ in towns where so many American companies see fit to locate themselves. Dinner conversation in places like that, if someone meets you for dinner at all, is less than exotic.” -Saps imposed, cutting back gov, selling gov owned companies, a devaluation to the standard of living for those who live there, forced the economies to open up (liberalized) Neoliberalism and finance 1900 International labor flowing into dev countries Rules:  What saving rates your country should have, level of interest rates, deficit to GDP ratio, level of current account deficit, looks at 180 countries, so doesn’t look at your circumstances, it makes snap judgments about whether you are living by its rules Currency, Stocks, bonds "The global market today is an electronic herd of anonymous stock, bond and currency traders, sitting behind computer screens. The members of this herd live everywhere there is a trading floor, everywhere there is a Bloomberg machine, everywhere that someone with a computer screen and modem can buy and sell Malaysian ringgits, stocks and bonds." The electronic herd cuts no one any slack. It does not recognize anyone's unique circumstances. The herd only recognizes its own rules. But the rules of the herd are pretty consistent—they stipulate what savings rate your country should have, what level of interest rates, what deficit-to-GDP ratio, and what
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