Workers-Control-Over-Prod
30th July 2012, 07:11
The Economist 2008
"MANY economists are now predicting the worst global recession since the 1930s. Such grim warnings discourage spending by households and businesses, depressing output even more. . .
In an updated World Economic Outlook, published on November 6th [2008], the IMF predicted that world GDP growth would fall to 2.2% in 2009, based on purchasing-power parity (PPP) weights, from 5% in 2007 and 3.7% in 2008. In the past, the IMF has said that global growth of less than 3% implied a world recession, so its latest forecasts would push the world over the edge."
Ha! That was the stand in 2008 with worried articles about a recession. Now look at the graph below of yesterday's global growth rates, can you find one over 1% GDP growth? And? The business press go on as usual, seem to be getting used to now four years of permanent recession, but the near collapse as well?? Everyone knows it is about to come, the CEO of Citibank has even suggested that Savings banks should be separated from Investment banks; i think this is a crucial sign: the person that was a large proponent of forcing Clinton to getting rid of the Glass-Steagall Act, the very same act that held banks can't use savings for speculation! We are about to go from this recession, to a global economic crash. As a rule, Banks can always fail when growth is under 3% and speculation is high. Assuming the banks further remain stable (with constant bail outs), the inevitable large collapse of European governments on their debts (Spain, Portugal, Greece, Italy... France? ... Germany???), if not inflation from the United States, will tumble down the world economy. Within the next year or two to five, the west will go into a Depression, and since any opposition does not exist in modern western "democracies", the ruling class neo-liberal hegemony (of austerity, privatisation, mass unemployment, wage cuts etc.) will go on. China's housing bubble is currently in an increasing deflationary spiral, and once the rest of its economy is finally capitalized upon within the next year, it will experience a low rate of profit of its production process within the next 8 years as well and crash. Once China falls (since Europe is already in fall), global Capitalism will crash, most likely creating a vacuum in the third world which hopefully will see countries in which the working class is already in control of large portions of their countries (Colombia, India, Nepal, Peru, Kurdistan etc.) take full state power and inspire the western impoverished working classes to revolution.
"MANY economists are now predicting the worst global recession since the 1930s. Such grim warnings discourage spending by households and businesses, depressing output even more. . .
In an updated World Economic Outlook, published on November 6th [2008], the IMF predicted that world GDP growth would fall to 2.2% in 2009, based on purchasing-power parity (PPP) weights, from 5% in 2007 and 3.7% in 2008. In the past, the IMF has said that global growth of less than 3% implied a world recession, so its latest forecasts would push the world over the edge."
Ha! That was the stand in 2008 with worried articles about a recession. Now look at the graph below of yesterday's global growth rates, can you find one over 1% GDP growth? And? The business press go on as usual, seem to be getting used to now four years of permanent recession, but the near collapse as well?? Everyone knows it is about to come, the CEO of Citibank has even suggested that Savings banks should be separated from Investment banks; i think this is a crucial sign: the person that was a large proponent of forcing Clinton to getting rid of the Glass-Steagall Act, the very same act that held banks can't use savings for speculation! We are about to go from this recession, to a global economic crash. As a rule, Banks can always fail when growth is under 3% and speculation is high. Assuming the banks further remain stable (with constant bail outs), the inevitable large collapse of European governments on their debts (Spain, Portugal, Greece, Italy... France? ... Germany???), if not inflation from the United States, will tumble down the world economy. Within the next year or two to five, the west will go into a Depression, and since any opposition does not exist in modern western "democracies", the ruling class neo-liberal hegemony (of austerity, privatisation, mass unemployment, wage cuts etc.) will go on. China's housing bubble is currently in an increasing deflationary spiral, and once the rest of its economy is finally capitalized upon within the next year, it will experience a low rate of profit of its production process within the next 8 years as well and crash. Once China falls (since Europe is already in fall), global Capitalism will crash, most likely creating a vacuum in the third world which hopefully will see countries in which the working class is already in control of large portions of their countries (Colombia, India, Nepal, Peru, Kurdistan etc.) take full state power and inspire the western impoverished working classes to revolution.