I found a link to an excellent if very sobering article called “The Quiet Coup” by Simon Johnson, ex-Chief Economist of the IMF, to be published in the May 2009 edition of the Atlantic Monthly, which I highly recommend. It’s long reading but quite thorough and does a good job of explaining a very complex situation in understandable terms.
In the article, Johnson describes what’s happening in the US as akin to the crises he’s seen happening in various emerging markets, details what he believes is one of the root causes of the current crisis (the recent ascension of the financial industry into a favored and powerful position in the US and globally), and his view of the likely outcomes. Johnson also writes a blog called The Baseline Scenario, which I subscribed to this morning. It’s kind of like Leopoldo Abadia’s blog (an economist’s view on the global crisis). Johnson has also appeared in interviews on popular programs like NPR’s Fresh Aire and the Colbert Report. He is critical of he current administration’s approach toward solving the crisis but also believes we are at least doing more than Europe; nevertheless, his outlook for the global economy is pretty negative.