Historical Roots of the Economic Crisis

Jack Rasmus is interviewed by 'Z' Magazine for a full hour following his presentation at the Left Forum in New York City on April 18, 2009. In the interview Jack provides a comprehensive view of the current economic crisis to date, explains why the latest version of the Obama-Geithner recovery plan will not work, and why, despite all the talk about 'green shoots' and 'glimmers of recovery, the real economy will continue to deteriorate beneath the surface. Jack predicts an even more serious stage of the crisis will erupt in 2010, why more than 20 million will lose their jobs this year, why business defaults will accelerate, housing prices will continue to fall, and why the central locus of the crisis is now shifting from the financial to the non-financial sector of the economy. Jack also places the crisis in historical perspective, explaining how the current Epic recession is similar and different from the 1930s, dispels some of the myths about the 'New Deal' of that period, and how the current crisis may transition to a bona fide global Depression.

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