http://www.opendemocracy.net/article/the-choice-leadership-or-collapse Comments for "The choice: leadership or collapse, Will Hutton " en http://www.opendemocracy.net/article/the-choice-leadership-or-collapse <p> In the week of the crash in 1929, Wall Street fell by 23%. In the week of 6-10 October 2008, it fell by 18%; while London and Frankfurt fell by 21% and Japan&#39;s Nikkei by 24%. Every major financial centre&#39;s interbank market is frozen. Trust and confidence have collapsed; the global system is paralysed on a scale that now surpasses 1929. There is a combination of a worldwide bank-run, seizure of credit markets and collapse of asset values that could plunge the globe into a depression. This is history&#39;s joke: the crisis of capitalism long predicted by communists and socialists who are no longer able to take advantage of it. </p> <p> (To read on, click <a href="http://www.guardian.co.uk/commentisfree/2008/oct/12/marketturmoil-creditcrunch">here</a> - and see Tony Curzon Price&#39;s response <a href="/blog/tony-curzon-price/2008/10/12/time-to-rupt-the-banks">here</a>) </p> <p>  -------------------------------- </p> <p> Will Hutton is chief executive of the <a href="http://www.theworkfoundation.com/">Work Foundation</a>. He writes a weekly <a href="http://www.guardian.co.uk/profile/willhutton">column</a> in the <em>Observer</em>.  His books include <a href="http://www.littlebrown.co.uk/Title/9780316860819"><em>The World We’re In</em></a><em> </em>(Little, Brown, 2002), <em><a href="http://www.wwnorton.com/catalog/spring04/032560.htm">A Declaration of Interdependence: Why America Should Join the World</a> </em>(WW Norton, 2003), and <em><a href="http://www.littlebrown.co.uk/Title/9780349118826">The Writing on the Wall: China and the West in the 21st Century</a></em> (Little, Brown, 2008) </p> <div class="rating-item"><div class="rating" id="rating_mean_46485"><div class="rating-intro"><span class="rating-intro-text">Average rating</span></div><div class="star avg on"><a style="width: 100%;" onclick="return false;">&nbsp;</a></div> <div class="star avg on"><a style="width: 100%;" onclick="return false;">&nbsp;</a></div> <div class="star avg on"><a style="width: 100%;" onclick="return false;">&nbsp;</a></div> <div class="star avg on"><a style="width: 100%;" onclick="return false;">&nbsp;</a></div> <div class="star avg on"><a style="width: 100%;" onclick="return false;">&nbsp;</a></div><div class="num-votes">(<span id="rating_num_votes_46485">1</span> vote)</div></div><form action="/crss/node/46485" method="post" id="rating_form_46485" class="rating" title="Rating: 0.0"> <div><div class="form-item"> <label for="rating_options_46485">Rate this: </label> <select name="edit[rating]" class="form-select rating-options" title="Rate this" id="rating_options_46485" ><option value="0" selected="selected">---</option><option value="100">Excellent!</option><option value="80">Great!</option><option value="60">Good</option><option value="40">Quite good</option><option value="20">Not so great</option></select> </div> <input type="hidden" name="edit[nid]" id="edit-nid" value="46485" /> <input type="submit" name="op" value="Submit" class="form-submit" /> <input type="hidden" name="edit[form_id]" id="edit-rating-form-46485" value="rating_form_46485" /> </div></form> </div> http://www.opendemocracy.net/article/the-choice-leadership-or-collapse#comment Creative Commons normal economics Will Hutton Sun, 12 Oct 2008 13:12:51 +0100 david hayes 46485 at http://www.opendemocracy.net