I was reading to Martin Hutchinson at Asia Times Online and he makes a good an interesting analysis, pointing out some other hidden pockets of rot in the global economy after Dubai, namely: China, Britain and the USA. However, in spite of this rather sharp "discovery", he seems also outraged at the level of rot of the global economy and that I find extremely naive.
Probably Hutchinson is one of those liberal-conservatives who still believe in the promises of Capitalism, so his naivety is ideologically justified. Probably Hutchinson never bothered reading Deleuze and Guattari or any of the other Marxist authors.
So he has rosy glasses when looking at the reality of the liberal economic paradigm, even if he's naively critical of its corruption.
Following the Anti-Oedipus, Capitalism is a schizoid decodifying force, whose only morality is that it can borrow from pre-existent institutions such as religion and culture. In other words: Capitalism is a force of Chaos that spreads corruption and selfishness. And it does not spare those institutions that partner with it: these are also corrupted to the marrow.
Hence there is another more passive or resisting pole that they call paranoid, which is ideological and rooted in the old regime (the pre-bourgeois territorial system) which reacts cyclically in what D&G describe as a pendulum. This secondary pole is not really able to counter Capitalism but can maybe crop some of its excesses (and develop others of its own, as happens with Fascism or Islamism). But in practical terms it cannot escape or effectively counter the corrupting and demoralizing influence of Capitalism, which always persists and comes back with further disintegration once the misguided reactionary season is over.
There's no way out of this pendulum within the system. And there's no way outside the system but a socialist one, one that is also decodifying but creatively ethic. In fact there is a "thin red line" that goes through Capitalist society trying to make it more ethic, but obviously doomed to fail while selfishness and competion are the basic rules of the game.
But, well, the case is that we have a big rotten house, whose very pillars are deeply rotten and whose leaders refuse to cleanse for fear of catastrophe or rather self-perpetuating manipulations by the Oligarchy. The case is that there is no way out of the crisis with or without cleansing, the case is that we are facing a situation similar (but probably much worse) to that of the 1930s.
However now global war is rather unthinkable as an exit and some of the systemic problems are well beyond what they call economy, which is predating the planet to such unprecedented extent that has largely transferred brutal costs to the global ecosystem, making any standard liberal solution impossible.
There are many threads to pull from here, but what seems more striking to me is that in fact there is a serious possibility that the whole global system may implode with relatively low levels of institutional violence (aka war). Not just because of the nuclear threat but because no expansionist adventure would really solve anything anymore. There is many people in the high spheres thinking otherwise, of course, and this may cause some tragedies, but overall none of the problems will be solved that way - unlike what happened after WWII with the military-industrial complex meta-bubble, whose consequences are largely popping out right now.
There is no way and little purpose in securing global hegemony because the colonialist system is itself bankrupt at the very core and little can be done by mere control of some resources. Even a planetary empire would not be able to solve anything at all.
So what now? Considering the low levels of class and even species conscience that exist right now, I'd say that the system will collapse, with some painful outbursts, rather slowly... until an alternative can be built. However, as the system implodes uncontrolled in a chain reaction of sorts, the alternative will appear from the bottom, built on anger and desperation.
Interesting times these we live in.