Panic has gripped the stock markets of the world. Things are completely out of control, and there is nothing that governments can say or do that can stop it. As in 1929, every time people thought that the worst had come, further falls were just round the corner. Nobody knows how far share prices have still to go. The world economy now finds itself in unsheltered waters.
Millions of US families are being threatened with eviction from their homes, some because they cannot pay their mortgages and others because their landlords cannot pay theirs. Now a County Sheriff in Illinois, has refused to carry out any more evictions.
On Wednesday October 1st, there was a small protest action held outside of the U.S. Federal Court in downtown Providence, Rhode Island, which the WIL intervened in. Only a few days prior to this, Jobs with Justice (JWJ) had called for demonstrations throughout the country in those cities where they are active. However, even with such short notice, around 40 to 60 people turned out to the protest.
Brendan M. Cooney "translates" Bush's recent speech from the language of the capitalist class into its meaning for the rest of us. These two humorous videos contain very serious points concerning the cause of the financial crisis.
On Tuesday, September 23rd, there was just the mention on the left of the possibility of an emergency rally against the bail-out plan for Thursday. By Wednesday, the AFL-CIO was forced to organize something, a reflection of the pressure on the leadership from below and the more or less spontaneous organization against the bail-out plan. A report on the various rallies that took place near Wall Street on Thursday, September 25th.
We live in exceptional times. The financial panic in the USA is creating waves that are threatening to engulf the whole world. This is rapidly transforming the consciousness of millions. Alan Woods, in a two-part article looks at how the world economy reached the stage it has, where it is on the brink of a serious downward, so serious that it could be as worse if not worse than 1929.
Most had already proclaimed it dead, and were surprised to learn that the WTO was meeting in a frenzied attempt to conclude its "Doha Round" negotiations. The prospects for wrapping up a deal were slim, and many expected the WTO to lapse quickly back into coma. With the collapse of the talks, that is precisely what happened.
Many U.S. workers have now received economic stimulus checks, generally receiving $600, with another $300 per dependent child. The government and media have touted these checks as a way to increase consumer spending and help repair an economy in recession. But where is the money from these checks going? Is this money, which was created by the working class in the first place, increasing our living standards?