As anybody who has had a look at how the capitalist system works, is well aware, it is a system with inherent flaws. It inevitably goes into convulsions, as those with the money look like losing lots of it. This happened in the pre thirties, giving us the hungry 30's, it happened again in 2008, giving us a decade of austerity. When these convulsions happen the way the system "corrects" itself, is by plundering the public purse, giving us bail-outs and austerity. The government hands the corporate juggernaut and the financial Mafia lots of public money in the form of "bail-outs" amassing mountains of debt, and then applying "austerity" to reduce that debt. Of course austerity only happens to the ordinary people, to those rich parasites, austerity is some kind of disease to which the ordinary people fall foul to periodically.
Claudio Borio, the head of the BIS monetary and economic department, said a new recession could come “with a vengeance” and “the end may come to resemble more closely a financial boom gone wrong”. The BIS, which is sometimes known as the central bank for central banks and counts Bank of England Governor Mark Carney among its members, warned of trouble ahead for the world economy.
We are not yet clear of the previous convulsion, and the gnomes of the financial Mafia are starting to shit their pants, as there appears to be warning signs that the next is about to hit them. No doubt, in their marble halls of greed and opulence, they will already be looking at how else they can plunder the public purse to retrieve their new massive gambling losses. They will be looking hard to see which part of the social fabric of the planet can they rip-off to recoup their greed gotten losses. This week Italy has been forced to bail out two of its banks to the tune of €5.2 billion, of tax payers money.
Such luminaries as Mark Carney and other members of the BIS, (The Bank of International Settlements, sometimes referred to as the central bank of central banks. Though I like to refer to them as Bandits in Suits. ) are already ringing their alarm bells, and saying it could be worse than the last convulsion.
While the vultures, and parasites of the financial Mafia will be preparing to grab what public assets they can get their hands on, to regain their gambling losses, what will we be doing? Will we accept another decade, or more, of "austerity", will we see ourselves pushed as far into deprivation as the people of Greece, with no end in sight? Or will we get serious about organising to bring down this flawed system of greed and exploitation, and put an end to capitalism, that is the root cause of the poverty and deprivation of millions of people across the planet?
Visit ann arky's home at www.radicalglasgow.me.uk
