CHANGING FORM OF CAPITAL CRISIS.
Some interesting details on the on-going crisis that's, according to the optimistic, is over and we are now looking for GROWTH, the capitalist's panacea. You can read the full article at LINKS Internation Journalof Socialist Renewal.
"---Perhaps the first indicator that the capitalist crisis is still unfolding is the rise in unemployment in many advanced capitalist countries.
How many are affected by this? According to the latest figures of the International Labor Organisation, 205 million workers are jobless and the capitalist crisis has destroyed 30 million jobs since 2007.
Unemployment in the United States rose from around 4.5% in late 2006 to 10% in 2009. In March 2011 it had slightly fallen to 9%. In Europe, the crisis has restored mass unemployment in a number of countries: in Spain (20% in 2010), Ireland (14%), Greece (12.5%), Portugal (11%). Millions of people are thus reduced to idleness since the unfolding of the crisis.
The second form of the continuing capitalist crisis is the crisis in state finance. Sovereign debt has thus become the centre of the crisis since 2010 and the default of Greece.
The global recession, but also state intervention to save the banking sector, led in the advanced capitalist countries to a significant increase of the weight of sovereign debt in national economies. This does not concern only the peripheral economies of the eurozone since the same phenomenon affects the US, Japan and the core EU countries. Hence, the austerity measures adopted by governments (“left” and right) to reduce public spending and satisfy the demands of financial markets (whose criteria is a more or less 60% of GDP in public indebtedness). ---" READ ON---
