Tag Archives: recession

More Bad News as the Economy Points to a “Double-Dip”

The following article by Masao Suzuki is from Fight Back! News:

San Bruno, CA – On Aug. 25, the Commerce Department reported that new home sales in July fell 12.4% from the level of sales in June, and were 32.4% lower than July of 2009. This report, which was much worse than most economists expected, followed a report by the National Association of Realtors the day before that sales of existing homes in July fell 27.2% from June, and were 25.5% lower than a year earlier.

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Worst Economic Crisis Since Great Depression: No End in Sight for Working People

2888749178_5da9b504c31Commentary by the editors of Fight Back!

In the six months since the financial crisis exploded with the collapse of New York investment bank Lehman Brothers, the world economy has been gripped by the greatest economic crisis since the Great Depression of the 1930s. U.S. and European banks have admitted a trillion dollars in losses, while the banking system of Iceland totally collapsed. Almost all of the major economies of the world, with the exception of China, have started to contract, with millions of workers losing their jobs and businesses going bankrupt right and left. Hardest hit for now are the new capitalist economies of eastern Europe, who are being slammed by their dependence on borrowing from foreign bankers, falling exports and plunging currencies.

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Lalkar: The economic crisis deepens

lalkarThe following article is from the November/December 2008 issue of Lalkar:

October 2008 has seen the most extraordinary and abrupt deepening of the world economic crisis of overproduction.

The Deputy Governor of the Bank of England, as he contemplated the financial system crashing round him, was forced to conclude: “This is … possibly the largest financial crisis of its kind in human history”.

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Marxism and Crisis Theory

In a comment on the post, “DO NOT PASS GO, DO NOT COLLECT $700,000,000,000!“, leftspot wrote:

I really agree with comradezero’s point that, “this is a crisis of capitalism, and the reality is that all of this is tied to the fundamental contradictions of capitalism, which, in one way or another, will continue to sharpen until it is overthrown.” I think we have to take this out broadly, and really talk to people about how this is what capitalism is all about. We’re likely to experience much more willingness among broad sections of people to really listen to a Marxist analysis of capitalism right now than at any time in decades. Because Marxism can explain what’s going on in a way nothing else can.

So in that regard, let’s talk about Crisis Theory. There is a very cool video-blog called Kapitalism 101 which is inspired by the work of the Marxist political economist David Harvey. These videos outlining Crisis Theory are from there. It may be necessary to watch some of the other videos on that blog first. The “Political Economy of Capitalism” section of my ML study guide should be helpful as well.

The best short intro, as far as starting points go, is probably V. I. Lenin’s “Karl Marx”.

For more info on the current financial crisis, see “Shock and Awe on Wall Street“, “No Bailouts for Billionaires!” and “DO NOT PASS GO, DO NOT COLLECT $700,000,000,000!“. Also helpful is “Some Talking Points on the Financial Crisis“.

Here are two sets of video’s from Kapitalism 101, each with two parts: Continue reading

DO NOT PASS GO, DO NOT COLLECT $700,000,000,000!

The following is from Fight Back! News. For more on this see my other posts on political economy, in particular, see Shock and Awe on Wall Street and No Bailouts for Billionaires!.

Wall Street Bailout takes a hit
Keep the heat on Congress!

President Bush and big business were dealt a stunning defeat Monday, Sept. 29, when in a 228 to 205 vote, the House of Representatives rejected the $700 billion bailout bill for Wall Street. This is a tremendous victory for the American people. Continue reading

Bush, translated into reality: “The s%*t has really hit the fan…”

This video (in two parts) has been “translated into reality” in the subtitles (there is a button to turn on the closed caption feature at the bottom of the viewing box). The captions are both hilarious and really quite informative regarding capitalist crisis from a Marxist point of view.

Please see my previous post: No Bailouts for Billionaires!

No Bailouts for Billionaires!

No Bailouts for Billionaires!

President Bush is driving a $700 billion bailout of the billionaires and multi-millionaires who sit atop the largest financial crisis in history. This rewards criminals and gangsters who need to be taken away and punished. It is outrageous that the rich guys, the kings of capital who are responsible for the crisis, are going to be given a free pass and then line their pockets with taxpayers’ money. The bankers and CEOs should be forced to declare bankruptcy and then imprisoned for their crimes of spreading poverty and throwing people out of their homes. Things are so decrepit that billionaire Warren Buffet bought $5 billion worth of Goldman Sachs stocks, 20% of its value, because he is counting on Bush’s bailout to make himself a pile of money. Warren Buffet does not need a bailout! We say, “No bailouts for billionaires!” Continue reading