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First, the Government semi-nationalised the banks. Now, it is quarter-nationalising the everyday process of trade credit, with the announcement on 14 January of Government guarantees for some £20 billion on loans made by banks to firms for "working capital", i.e. the cash they need to be able to pay wages and bills before their sales income comes in.
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At this writing (January 2009), firms in all sectors of the U. S. economy are cutting their payrolls; unemployment and homelessness are soaring; and the working class is taking the biggest hit to living standards in several generations, raising deep doubts about the capacity of our capitalist society in the near term to ensure overall social reproduction.
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Do you think a markedly new regime of capitalism is going to emerge out of this crisis?
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The Financial Times of 05/01/09 surveys the US money supply figures for 2008. The "monetary base", M0, doubled during 2008. That's the stock of notes and coins in circulation plus bank reserves held at the central bank.
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The world economic crisis took a sharp turn for the worse in September 2008. Some of the Marxist economists who had discussed the crisis in our first series of interviews, March-July 2008, have commented again. No.3: Leo Panitch.
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The world economic crisis took a sharp turn for the worse in September 2008. Some of the Marxist economists who had discussed the crisis in our first series of interviews, March-July 2008, have commented again. No.2: Fred Moseley.
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The world economic crisis took a sharp turn for the worse in September 2008. Some of the Marxist economists who had discussed the crisis in our first series of interviews, March-July 2008, have commented again. No.1: Michel Husson.
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Every now and again, American workers issue a blunt reminder to the bosses, and to themselves, that the steady and moderate tone transmitted by their nation's great public-relations dream-machine can never fully lull them to sleep.
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Solidarity and Workers' Liberty have argued for sacking all the top bank bosses, nationalizing the finance sector without compensation for the big shareholders, and reorganizing it as a public banking, mortgage, and pension service.
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Bank of England and government support for the banks so far totals something like the equivalent of £18,000 for every child, woman, and man in the UK.
The Bank of England's Financial Stability Report of 27 October 2008 gives the figures: a total of £1107 billion.
