“The seriousness of this crisis is such that we cannot expect any solution within the system and certainly not from the US administration, certainly not from the G-20 because within that group, except for a couple of exceptions, is the dominant Washington consensus of the neoliberal agenda, ” said Michel Chossudovsky, a progressive economist and academician.

“In the Philippines, this crisis will be extremely severe because it is imposed upon an existing situation…of dependency, lack of sovereignty, crisis of the real economy, and poverty of the large majority of the population.”