Songjin Jeong: Most media and analysts label the current crisis as a “financial crisis.” Do you agree with this characterization?
Crisis opening in 2007
Any working-class person who looked to the capitalist world leaders for protection against the economic and social catastrophe that looms before us all will be disappointed. The G20 economic summit in London on 2 April was a triumph for the spin-doctors rather than the economists.
If you tell a man that he’s going to be hanged in the morning, then, as someone once said, it concentrates his mind wonderfully. The British National Party is expected to make serious electoral gains in a number of different elections over the coming period. It will most likely win more council seats.
We are probably in the first stages of the fourth international "great depression" in the history of capitalism.
The Bank of England’s move in early March to a new monetary tactic — “quantitative easing” — came alongside much economic-disaster news.
The banks “bailed out” so lavishly last year still need more bailing out. Lloyds TSB, which was supposed to be a “strong” bank capable of saving HBOS by buying it out with Government aid, turns out to be as much a basket case as any other.
Twenty-five activists dressed as bankers staged an occupation at the Department for Work and Pensions on Monday 9 March.
Taking over the lobby of the Department for Work and Pensions’ Adelphi House they leafleted staff throughout the building. Carrying banners saying “Target the rich not the poor” and “Stop the Welfare Abolition Bill”, sat in front of the entry barriers and refused to leave.
Sydney Workers' Liberty has initiated a blog to carry discussion material from the reading group it is organising on the subject of the global financial crisis. Click here.
Food prices are still rising at a rate of 10% per year, according to official figures reported in the Financial Times on 18 February.
Government economic policy has shifted drastically. But it is not a shift to the left. Today’s capitalism is, as the Financial Times writer Martin Wolf has put it, a machine for “privatising gains and socialising losses”. The change is that, in the crisis, the focus has shifted from the private gains (currently more meagre) to socialising big losses.
What sort of new shape of capitalism do you think might emerge from the shake-out of this crisis?