credit crisis

Theses on the crisis: On the road to nowhere

German communist group Wildcat's 19 theses on the current financial crisis from summer 2011.

1) Polarisation and divisions

Credit crunched – working in financial services during the 2008-2009 crash

This article comes from a comrade who is a member of the Solidarity Federation in the UK. He describes the article as “An account of working for a credit company during the financial crisis, as well as workers’ attempts to resist speed-ups and workload increases.”

This job gave me an inside view of the ‘credit crunch’, in fact in a real sense I was a part of it. The financial crisis also meant a lot of pressure passed onto the workforce, through speed-ups, stress and redundancies. I started the job in early 2008 after I was made redundant in my last job.

Anti-austerity demonstrations spread across Romania

Romanians have said, 'enough is enough', and have taken to the streets in cities across the country, demanding an end to austerity measures. The police have attempted to 'calm' hostile crowds, by firing tear gas canisters at them. Numerous injuries and arrests followed.

Over the weekend, security forces have clashed with thousands of protestors in Romania’s capital city, Bucharest.

Return of the crisis: Part 2 - the nature and significance of the crisis

The second part of Aufheben's analysis of the financial crisis.


Recurring Dreams - the red heart of fascism

At the heart of the cancerous desires of today's left.


A view on the crisis: an interview with Paul Mattick Jnr

The Marxist economist and author Paul Mattick Jnr talks to Stuart Watkins about his views on Marx, the economic crisis, and the prospects for socialism

Socialist Standard: In your recently published book, Business As Usual (reviewed in the May 2011 Socialist Standard), you give an account of the causes of our present economic situation. Could you summarise the argument for our readers? In your view, just what is this crisis all about really?

Who is to blame? - Anselm Jappe

A short essay contesting the notion that the current economic crisis is the result of "greed" or irresponsible speculation by evil bankers or investment firms, asserting instead that it is an effect of a generalized crisis of value production caused by the falling rate of profit--an immanent law of capitalist production--and further maintaining that, rather than precipitating the crisis, the massive expansion of fictitious capital over the last 30 years was the only way its onset could be delayed until now.

Who Is To Blame? – Anselm Jappe

Endnotes: Two aspects of austerity

What are we to make of the current round of austerity? Some members of Endnotes give their assesment.

What are we to make of the current round of austerity? Should we believe Keynesians like Paul Krugman when they argue that capitalists are acting against their own best interests in calling for cuts? Are government finances really under stress, or is it all just a ploy to undermine the last remaining gains achieved by working class struggle?

Workers on the government and union slide: from one defeat to another so far - Kolektivně proti kapitálu & Mouvement Communiste

An analysis of the union protests against cuts in public spending in Czech in Autumn/Winter 2010.

Ever since the first days of this government's term in office it has been clear that it will attack working-class living standards (the coalition parties promised this even before the election). The employees of the public sector were just the first ones in line. According to the government plans workers as a whole are soon to become the victims of cuts and reforms.

The movement that needs no name

A brief article on Open Democracy from June 30th looking at some of the shared variables in anti-austerity movements across the OECD and possibilities for them becoming increasingly radical as conditions worsen.

Keith Kahn-Harris recently wrote about the genesis of a movement that is currently underway and represents no less than a “...spectre ...haunting the early 21st century world”. Kahn-Harris observes that this movement possesses the ability to radically transform the world as we know it, and yet he notes, it does not yet recognize itself as a movement.