The article is an essay on issues associated with the global financial crisis and tries to point out one of its often overlooked, but fundamental reasons: the belief that lies at the core of neoliberal doctrine that the financial sector must be deregulated and responsibility shifted almost exclusively to invisible 'market forces'. The author touches on the problems of derivatives and other tools of financial engineering, hedge funds operating in the off shore tax heavens, the associated rising budget deficit of states, currency speculation and other factors destabilizing the real economy. The article also points out that these factors are barely - if at all - included in the crisis management solutions devised by international institutions like IMF or IBRD and governments, which instead focus on bailouts and stimulus packages - taking over not control over the economy, but the liabilities of irresponsible financial institutions and increasing the supply of money artificially created by 'financial alchemists'.
Financed by the National Centre for Research and Development under grant No. SP/I/1/77065/10 by the strategic scientific research and experimental development program:
SYNAT - “Interdisciplinary System for Interactive Scientific and Scientific-Technical Information”.