credit crisis

Poland: Bread instead of games!

In June and July 2012, Poland is going to host Euro2012, the European Football Championship. Coalition of Polish feminist, anarchist and worker activists is mobilising for a protest on 10th of June in Poznan, West Poland, where the first football match will take place.

The organization of the championship was sold to us as an development opportunity for Polish cities. The authorities tried to convince us that due to the championship small business, infrastructure, tourism and sport would develop, and Poland would gain international respect. The blessings from the Euro2012 were compared to those that came with the post-war Marshall plan.

Why can’t anybody say ‘depression’?

Image from The Guardian, interactive version here:

This is a short blog inspired by the news that the UK is officially in ‘double-dip’ recession (as predicted by pretty much everyone on the left).

So everybody’s taking perverse pleasure in celebrating the return to recession as proof that 'austerity isn’t working'.1 Setting aside the armchair-Keynesianism behin

  • 1. This assumes a rapid return to growth is the objective, rather than tearing up the post-war social contract, smashing the remnants of organised labour, privatising everything in sight and getting even more ridiculously minted.

'Stop Vládě' - Union demo in Prague

Over 80,000 people marched and rallied in Prague today in a union-organised demonstration against the government and its austerity program. It took place under the banner of "stop vládě" - "stop the government".

The Czech right-wing coalition government headed by Petr Necas has joined others around Europe in implementing an increasingly harsh program of austerity. The stated objective is to reduce the state deficit from 3.5% to 3%. The Austerity program until now has been praised by global ratings agencies despite hitting domestic consumption and growth.

Burdened with debt reloaded: The politics of devaluation - TPTG

Clashes in Syntagma Square on February 12, 2012 in Athens

Greek communists TPTG take another detailed look at the impact of austerity measures in the country, the devaluation of capital and the attack on the power of the working class.

In Greece, the initial austerity measures developed into a full blown shock policy of devaluation of capital, which has deepened the recession and increased public debt.

In the region of Šluknov, Czech Republic, 2011: analysis of protests “against the socially excluded” from a class perspective

KPK argue that protests against the "socially excluded" Roma which took place in North Bohemia in 2011 were an expression of the weakness of the working class and stood in the way of the defense of its living needs.


The time of crisis

Joshua Clover discusses spatial and temporal strategies of attacking capitalism, and discusses the possibility of organised, militant debt default as a revolutionary tactic to complement workers' struggles. Originally posted at Occupy Everything.

Author’s Note: This text with images was originally presented at the Historical Materialism New York conference in May of 2011. Given the context, the text does not go into the sort of detail the matter really requires.

Rob the rich!

A call to arms to the working class from Jason Brannigan in The Leveller as the crisis bites and the rich continue to rob us blind.

We are told repeatedly that we must all pay for the ongoing crisis that capitalism finds itself in... Pension cuts, job losses, longer hours, worse pay, more taxes, less services, more privatisation, bail outs and subsidies for the rich and increased hardship and destitution for the working class and the poor.

Spanish workers protest against labour reforms

Over a million Spanish workers take to the streets across the country in protest against the governments labour reforms that enable bosses to unilaterally cut wages if they want, whenever they want. The government claims that by giving bosses the power to treat people like shit it will reduce Spain's unemployment rate of 23%, which is the highest in the developed world.

In Spain at the weekend it was estimated that well over 1,000,000 workers demonstrated across 57 cities against labour reforms.

State fiscal crises and the Greek example - Mouvement Communiste

General crisis graphic

A text about the state debt crisis and its relationship to the underlying health of capital as measured by the actual profitability of the world's biggest companies. For the most important firms in the US and Europe the recession is effectively over but this doesn't mean anything good for the working class!

Letter number 35


Maintaining our theoretical course

The apotheosis of money: the structural limits of capital valorization, casino capitalism and the global financial crisis - Robert Kurz

In this 1995 essay, Robert Kurz examines “fictitious capital”, “unproductive labor”, the “tertiary sector”, “State debt”, “speculative bubbles”, “derivatives”, and “globalization” in the context of the wave of bankruptcies, crashes and bailouts of the 80s and 90s; discusses Rosa Luxemburg’s crisis theory, Keynesianism, Aglietta’s “regulation theory”, and the “neo-liberal” offensive; and predicts a “devaluation shock” that will invalidate the bloated property claims of fictitious capital in a “monetary atomic explosion” heralding “the end of the history of the mode of production based on money”.

The Apotheosis of Money: The Structural Limits of Capital Valorization, Casino Capitalism and the Global Financial Crisis – Robert Kurz

1. Real Capital and Interest-Yielding Capital