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A House of Cards

The credit crunch explained.

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A House of Cards –
from fantasy finance to global crash

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On the financial crisis

 

Policies for the crisis:

Going round in circles

Gerry Gold says a pamphlet on the economic crisis by Chris Harman of the Socialist Workers Party is depressingly anti-theoretical and concludes with a reformist programme that assumes capitalism will always be with us.

A ‘policy error’ too far

Gerry Gold reviews Graham Turner's The Credit Crunch

The Credit Crunch & Economic Crisis explainer

  • What is behind the credit crunch?
  • Can capitalism get a grip and solve the crisis?
  • How does the global financial crisis affect jobs, living standards and housing?
  • What policies should we campaign for?

Regulators dance to the banks' tune
That Goldman Sachs, the world’s largest investment bank, is set to pay record bonuses that even exceed those made before the credit crunch, is only one sign that nothing has changed in the world of global finance. This comes hard on the heels of decisions by Alistair Darling and the European Union to leave the banking system more or less as it was before it collapsed gratefully into the arms of taxpayers.

A crisis beyond the power of prayer
When the leader of an organisation claiming a billion members decides to write a letter about the “complexity and gravity of the present economic situation” to the G8, the leaders of the world’s richest capitalist countries meeting in Italy, it’s worth considering what he has to say.

'Honey - I shrank the economy', a nightmare by Brown & Darling
The graph from the Office of National Statistics, showing Britain’s incredible shrinking economy, surely has a much bigger immediate impact on our ability to grasp what is happening than the many thousands of words pouring from journalists’ keyboards and spewing from politicians’ mouths.

How to fight job losses
The reinstatement of the sacked 647 Lindsey oil refinery workers, with offers of work for the 51 whose redundancies sparked the walk-out at dozens of energy plants around Britain, is a triumph of rank-and-file solidarity over trade union bureaucrats, who have allowed mass unemployment to develop virtually unopposed.

Business as usual for bankers
Despite the credit crunch and the global financial meltdown, it’s business as usual for bankers. While the jobs massacre continues, thousands of small firms struggle to finance their operations and repossessions mount, bankers are cashing in – courtesy of the New Labour government.

As dole queues grow, so does case for regime change
As the exam period ends in the UK, young people surging through the gates of schools and colleges will be looking for jobs. But with jobs disappearing and unemployment predicted to surge for months to come as a result of the crisis of capitalism, they’ll mostly be disappointed.

New improved 'fantasy finance' fuels the crisis
The maelstrom of scandal and political in-fighting that is shaking the New Labour government to its foundations – who knows what other ministers may have resigned by the time you read this – is fuelling the fires of the global crisis of capitalism.
 
'Green shoots' fantasy world
From international speculator George Soros, to the Organisation for Economic Co-operation and Development, to global stock markets, there is a concerted attempt to declare that the worst of the economic crisis is over. That’ll be no comfort for 244,000 in the UK who have joined the ranks of the unemployed and the thousands of school and university leavers this summer, whose job prospects are the worst for a generation.

The truth behind Brown's boom
A committee of MPs today blames the “reckless behaviour” of the banks for the financial crisis, which is as neat a way as any of letting the New Labour government off the hook.

Ownership but no control
Get your head round this one. Members of the United Auto Workers of America (UAW) are voting today on a deal which would give them majority ownership of Chrysler, one of the big three US-based global car makers. But don’t get the wrong idea – the corporation is not throwing in the towel and handing control to its workforce.

Darling's big fraud fools no one
Alistair Darling’s crisis budget is a gigantic attempted fraud that will fool no-one. New Labour’s Chancellor bears comparison with Bernard Madoff who, last month, was convicted of the largest investor fraud ever committed by a single person.

 'Creative destruction' order of the day
Despite the G20’s attempts at confidence-boosting rhetoric, the interdependent components of the global economy remain locked in a deadly embrace, wrestling with each other as they plummet to the ground.

Secret G20 communiqué says it all
The draft communiqué below from the G20, revealed here exclusively by A World to Win, bears no resemblance to the statement eventually published yesterday evening, which is not surprising.

Getting it right about Marx
Mounting street-level opposition to the capitalist G20 governments London gathering prompted the Evening Standard to observe this week that the impact of the combined financial and economic crises is making Karl Marx’s analysis of capitalist society attractive to a rapidly increasing number of people looking for explanations and solutions.

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