crisis

Issue 13 of The Commoner Magazine

2019 finds humanity in an increasingly dangerous place. The consequences of global economic stagnation, itself the product of a much deeper crisis of profitability, can be seen in the rise of nationalism, racism and xenophobia. These in turn threaten not only to add to the increasing proliferation of unending wars around the world but to the possibility of more general conflict further down the line. Not unconnected to the current wars are the environmental disasters which the pursuit of profit has already inflicted on millions across the globe. If allowed to proceed unchecked capitalism threatens, in one way or another, the very existence of the only home humanity has.

The Brexit pantomime threatens to fracture the traditional political set-up of the British ruling class. Meanwhile the whole issue is diverting attention from the dire situation experienced by the working class. Theresa May has announced that austerity is over but the massive spending cuts that have been implemented over the last decade are not going to be reversed.

The world economy is in poor shape and the American economy is in even worse condition. The 2008 crisis has not been resolved and many analysts fear a new financial explosion. Capital continues to stay clear of investment in production and is trying to recover without running up more debts. Company returns are low, profit rates are decreasing. Capital is moving more and more into speculation. It is the same old situation, except that the rescue costs of the previous crisis cannot be repeated in the next crisis. The sound of war can be heard in the distance, accompanied by the rising threat of a new, catastrophic barbarism.