Tag Archives: Europe

The financial and economic crisis: the European Union affected by the US ‘example’

Karl MarxThe following is from the website of the Workers Party of Belgium:

The financial and economic crisis: the European Union affected by the US ‘example’

Bert De Belder, Institute for Marxist Studies (IMAST), Belgium

Paper presented at the 15th International Conference on European Studies
Center for European Studies (CES), Havana, Cuba, 25-28 November 2008

I. The ‘financial’ crisis : a Marxist analysis

September 2008 will probably continue to resonate for years and decades to come, just as September 2001 did, with 9/11. But with quite differente consequences. After the attack on the Twin Towers, the US went to war. After the crisis on Wall Street, the mighty superpower lies down on the canvass. An article in Der Spiegel headlined: “The End of Arrogance – America Loses Its Dominant Economic Role”.1 Several US financial institutions have gone bankrupt, while others could only be saved by capital injections to the tune of billions of dollars of public money.

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