Greenman's Occasional Organ

Ecosocialist. Syndicalist. Critical Techno-Progressive.

Tuesday, January 22, 2008

There May Be Trouble Ahead........

Well, the markets have been tumbling and the US Federal Reserve have dramatically slashed interest rates.

No prizes for guessing who will be lined up to pay the biggest price for the latest unfolding failures of neo-liberal capitalism, and who will seek to consolidate their power still further on the back of any crisis!

A left view of this from the Lenin's Tomb blog ends thus:

Recessions destroy capital, and many of the world's richest people and companies are panicking. However, from the point of view of the broader capitalist class, that destruction can be brilliantly creative. It can create opportunities for highly profitable redeployment after the smoke clears, and for the further consolidation of class power as the labour market is successfully disciplined. If the crisis is very deep, it can be system-threatening, but only if there is a movement ready with an alternative. As things stand, the global Left and the working class do not meet this crisis in an optimal condition to ensure that it results even in social-democratic reform, much less fundamental social transformation. And there is always the far right waiting in the wings. How bad can it be? Very bad.

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