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“THE CRISIS OF 2007-2009, coming from the U.S. core of the globalized system, the crisis that threatens the weak links of the euro, and the third crisis that started to affect Eastern Europe in 2009 have a major common point. Whether we are talking about the United...
The Occupy Wall Street protests in the US are also directed against the Street’s representatives in the Democratic Party and the White House. The protesters probably don’t know that Socialists in France still consider Barack Obama exemplary, since, unlike President...
All recent economic indicators point almost unambiguously to a new global recession, one which threatens to be more severe and prolonged than the 2007 crisis. While the epicentre of this developing crisis is located in the metropolitan countries, specifically the EU...
The ongoing eurozone crisis is often projected in the media, somewhat superficially, as wholly the product of Greece's financial profligacy. There are, however, more fundamental reasons for this turmoil. The causes are to found, as the following analysis shows, in the...
Have so many ever been so enthusiastic over a plan to beg, borrow, and steal $1.5 trillion? •Beg - Weaker European banks will have to raise over $100 billion in capital. •Borrow - Eurozone will borrow $1.4 trillion to bailout future sovereign and bank defaults. •Steal...
The Letters of Rosa Luxemburg is the first volume in a projected 14-volume set, The Complete Works of Rosa Luxemburg, of all the extant writings of this great revolutionary socialist in English—all available newspaper articles and speeches, significant polemical and...
As it has remorselessly unwound, the global economic and financial crisis has passed through a succession of turning points. The first came when the credit crunch began in August 2007. Then there was the collapse of Lehman Brothers in September 2008, precipitating the...
What if debt deflation strikes, will the Eurozone’s financial elite still bay for sound finance? Finance capital’s imposition of fiscal austerity on both sides of the Atlantic – and this at a time when private consumption and investment are stagnating – is pushing the...
One could almost get the impression that the storyline of the global economic and financial crisis of 2008/9 is forgotten. Questions of bank regulation and financial sector oversight are hardly discussed in public anymore and legislative efforts to rein in speculative...