The current economic crisis is best understood as a crisis of political economy. Moreover, it has to be understood as a global crisis enveloping the United States, Europe and China that has different details but one overriding theme: the relationship between the political order and economic life. On a global scale, or at least for most of the world’s major economies, there is a crisis of political economy.
On Sept. 15, Treasury Secretary Paulson and Chairman of the Federal Reserve Ben Shalom Bernanke testified before Congress that on the previous Thursday, Sept. 11, an "electronic run" on the U.S. banking system took place between the hours of 9 and 11 am. . . . That had stop-gaps not been executed, by 2 p.m. (again, on Sept. 11) the hemorrhaging of "$5.5 trillion" would have taken place, resulting in the collapse of not only "the entire economy" of the United States but as well of the world within just "24 hours".