credit crisis

Global Leveraged Buyout or the “Longest Boom in Capitalist History”?: A Reply to Robert Fitch

Loren Goldner's reply to Robert Fitch's article on the crisis in New Politics magazine, containing his critique of fictitious character of 1982-2007 boom.

This article appeared in New Politics, issue 47, spring 2009. See for the article to which it is a reply.

There’s only one thing left to settle: our accounts with capital and its state - TPTG

A report on the working class struggles against austerity measures in Greece by Proles and Poor’s Credit Rating Agency aka TPTG, a Greek communist group.

In periods of crisis, such as the current period of over accumulation crisis, capitalists use the politics of “public debt” in order to devise new ways to intensify exploitation. In contrast with capitalist upturns when the private debt is increased, downturns are characterized by the increase of the “public debt”.

Battle Ground Athens: second general strike leads to pitched battles

More than 150,000 people took to the streets of Athens against the austerity measures in a mass protest marches that have led to extended battles in the greek capital.

Mass strikes in Greece in response to new measures

Mass strikes with only hours prior warning are unfolding in Greece after the government announced new crippling measures for workers

The government's announcements of the new austerity measures dictated by the EU have rendered the greek PM's talk of a "state of war" concrete. The new measures include a 30% cut in public workers' 13th and 14th salary, as well as 12% cut in all salary subsidies, which in reality amounts to a sum of more than 1/12 of the total annual salary.

"State of war" declared by Greek PM

The greek PM, Giorgos Papandreou, has declared the country in "a state of war" after extended meetings with the EU economics commissioner Mr Rehn, leading workers to declare more strikes.

After two days of council with the EU commissioner Mr Rehn, the Greek Prime Minister and President of the Socialist International, Mr Giorgos Papandreou has announced that the country is in a state of war against its economic predicament.

Greece running out of fuel as customs officers extend strike

Serious fuel shortages are spreading across Greece as customs officers decide to extend their strike against austerity measures until Tuesday.

Long lines of cars are to be seen in petrol stations across greece as fuel is running out after an extension of customs officers industrial action against the neoliberal austerity measures imposed by the government on the pretext of the national credit crisis.

New week of strikes in Greece

Customs officers, petrol carrying lorries, taxi drivers and Ministry of Economics workers go on strike this week against the austerity measures.

After the end of the bleakest carnival since the collapse of the junta, a new wave of strikes is threatening to bring Greece to a standstill.

A Marxist Political Economy of Capitalist Instability and the Current Crisis - Hillel Ticktin

Hillel Ticktin on a Marxist political economy of the financial crisis of 2008-9 and capitalism's uncertain future.

[i]The article considers whether there are limits to capitalist strategies for survival. It argues that the present downturn represents a crisis in the capitalist system itself, in that the mediating forms by which it could maintain control and grow have reached their limits.

Public sector strike paralyzes Greece

Strikers face off with riot police

The 24h public sector general strike supplemented by private sector strikes has brought Greece to a standstill with no airplanes flying in or out the country.

It is the first big strike in Greece since the announcement of the austerity measures by the socialist government last week.

Ben Goldacre debunks media claims about the Public Sector "gravy train"

Some of you may have noticed a pair of stories in the Sunday Times and the Telegraph respectively claiming that "public sector pay is racing ahead in the recession".

The stories claim that public sector workers earn on average 7% more than their counterparts in the private sector, despite declining productivity. The message is straightforward enough. In the words of Graeme Leach, chief economist and director of policy at the Institute of Directors, “It is ridiculous that pay and perks have risen when public sector productivity has fallen.