financial crisis

1971-2021: 50 Years Since the USA Reneged on Bretton Woods

For the CWO, and indeed the entire political tendency to which we belong, it is axiomatic that we are living through capitalism’s third global economic crisis. For over a century the economic system (mode of production) which was once progressive for humanity, in that it created the material possibility of a prosperous world community without national borders or class divisions, has represented a barrier to human progress when it is not a direct threat to human existence itself.

Bitcoin and Cryptocurrencies: The Madness of a Highly Speculative Capitalism

Capitalism finds itself in a tricky situation. Since the end of the post-war boom in the 70s, despite the restructuring of production, and the attacks on the daily working conditions of millions upon millions of proletarians, it has become more difficult than ever to find profitable reinvestments for capital. This crisis of valorisation of capital is only one of the many symptoms of the more profound crisis of capitalism: the law of the tendency of the rate of profit to fall. This fall in the rate of profit is accompanied by attempts of the capitalists to postpone the crisis, to look elsewhere for short-term methods of making profit, or to save their own skins by any means necessary.

GameStop and Investor Activism: The Real Story is the Dead-End of Capitalism

You cannot beat the capitalist elite at their own game.

Kissing Goodbye To Their Koreas – Black Flag

A 1998 article from Black Flag contrasting the emerging "tiger" economies with the uprisings in Mexico and Albania.

Lies, Damn Lies and Economics – Black Flag

Joan Robinson once said that the point of studying economics was to be able to work out when economists were lying. Being a left-wing Keynesian, she was immune to the usual ideological (if not religious) biases of mainstream economics. Her point is both correct, and usually ignored because economics has far more to do with ideology than facts, belief than science.

The Shadow of September 2008 Continues to Lengthen

It is now 11 years since the bankruptcy of Lehman Brothers. The crisis in the real economy, instead of fading from memory, has become a fixture.

Capitalism's New Economy: The Working Class

On re-reading this piece, what is striking about the picture of the working class in capitalism's self-styled service economy in 2006 is how much it resembles the situation today. After decades of capitalist restructuring in the face of problems stemming from the declining rate of profit (problems by no means confined to the economy of the UK) there are now recognisable constants in the socio-economic profile of the 'restructured' working class.

Capitalism's New Economy: The Illusion of a Productive Economy

Part four of this article was written before the biggest financial crash was followed by the biggest banking bail-out in capitalism's history, yet it is interesting to see that essentially the same economic profile presents itself today.

Audit of the Crisis

Midnight Notes' certified struggle accountants present a global balance sheet for the late 1970s and early 1980s.