EXTRACT: “Single currency gloom goes viral” - so went the headline to an especially downbeat editorial in the Financial Times, a newspaper to be avoided these days if you are after a cheery read (June 1). The universally gloomy economic news is reviving unfortunate memories of late 2008 and the collapse of the once mighty Lehman Brothers, which sent the world’s major economies into a tailspin - and only massive state intervention by a reluctant George Bush saved the day for the global financial/banking system.
But this time round the stakes are, if anything, even higher - a potentially catastrophic break-up of the euro zone itself which triggers an unprecedented global slump. Yet the capitalist ruling class as a whole seems paralysed by the pace of events, seemingly unable to come up with any viable plan or strategy to save their system. Instead, locked into a state of near permanent crisis management, they jet from one carbon-unfriendly summit to another - going precisely nowhere. Giving the unfolding story an air of tragic - or farcical? - inevitability. In the words of one online broker, “When the tide is this strong, there is no point in swimming against it: simply get in your lifeboat and hope for the best.” An almost perfect summation of the bankrupt capitalist system, seemingly drifting towards the abyss.
But this time round the stakes are, if anything, even higher - a potentially catastrophic break-up of the euro zone itself which triggers an unprecedented global slump. Yet the capitalist ruling class as a whole seems paralysed by the pace of events, seemingly unable to come up with any viable plan or strategy to save their system. Instead, locked into a state of near permanent crisis management, they jet from one carbon-unfriendly summit to another - going precisely nowhere. Giving the unfolding story an air of tragic - or farcical? - inevitability. In the words of one online broker, “When the tide is this strong, there is no point in swimming against it: simply get in your lifeboat and hope for the best.” An almost perfect summation of the bankrupt capitalist system, seemingly drifting towards the abyss.
No comments:
Post a Comment