credit crisis

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!

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”.

Theses on the crisis: On the road to nowhere

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

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.”

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.

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

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.

Endnotes: Two aspects of austerity

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