POLA84 Lecture 12.docx

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12 Apr 2012

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POLA84 Lecture 12 4/3/2012 7:03:00 PM
Recession vs. Depression:
- In a recession poor people are mostly affected
- In a depression, all the people are affected, particularly the lower and
middle class.
Bretton Woods, IMF, UN and other NGO’s were made as a result of the
depression and were funded on the assumptions of what keeps the world
2 days ago students in the U.S owe 1 trillion dollars in loans due to the
globalization of education. Education better job BUT everyone should
not get an education, or else labour jobs will be left for no one to do. The
one trillion dollars are a result of people wanting better jobs.
Lehman Bros. declared bankruptcy and will shake the finger to all
customers who have put money in their banks. Nobody will be able to
receive money that they’ve entrusted in the banks that have now lost it
all. What happens next?
Differences between 1944 and now, is that it isn’t just a rewrite. It makes
the task of creating a new system. Bretton Woods 2.0 a new 21st
century approach to the good ideas that were formed in the middle of the
20th century. (With all those changes in these ideas included.)
For Bretton Woods 2.0 to work, capitalism has to reintroduce capitalism
to itself. Money has to flow to represent the value of the goods of the
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