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Economy

On the Edge of a Crisis

It is often said that central bankers 80 years ago were responsible for creating the Great Depression. Constrained by their commitment to the gold standard, they failed to ease monetary policy (cutting interest rates) fast enough, say the economists, thus turning a crisis into a Depression. But that is not the real reason.

Euro crisis deepens

A spectre is haunting Europe – the spectre of capitalist crisis. Events are moving at lightning speed. This slow-motion train wreck has suddenly speeded up.  Each day we come closer to a Greek default and its exit from the euro. Squeezed by foreign bankers, demanding their pound of flesh, ordinary Greek people are being pushed to the limit. They are being reduced to a state of wretchedness and indignity.

Summit of despair: eurozone crisis rolls on

eu_crisis.jpgThe latest “decisive” EU summit-to-end-all-EU-summits-and-fix-the-Eurozone-crisis-once-and-for-all has signally failed to do so – just like all the previous “decisive” and “final” summits. As in previous meetings, within days the results were declared completely unsatisfactory by the markets. These gatherings of EU heads of state are now a thoroughly debased currency. Nothing has changed except that the national contradictions are sharper and more insoluble than previously thought.

There is no reformist way out of the crisis of capitalism – Part Two

Another variation on the demand to “tax the rich” is the call for a tax on financial transactions, otherwise known as a “Financial Transactions Tax” (FTT), “Tobin Tax” (after the Nobel economics laureate, James Tobin, who first proposed the idea in 1972), or “Robin Hood Tax” (i.e. taking from the rich and giving to the poor).

There is no reformist way out of the crisis of capitalism – Part One

The present economic crisis has been described in various ways by mainstream commentators. All manner of “solutions” have been posed, both by the bourgeois politicians and economists, and by the reformist leaderships of the working class. What these commentators and representatives cannot admit is that this crisis will not be solved by this or that reform. Society is living through a crisis of capitalism and the choice facing mankind is simple: socialism or barbarism

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