The argument is won:
The evidence is conclusive.
Trillions of dollars to kick-start the economy in the US and Europe may have
given an ephemeral lease of life to the financial class to spin the casino
wheel once again, but it is more apparent by the day that the tentative
“recovery” has spluttered to a standstill. Gridlocked by unprecedented
levels of personal and national debts, the engine of production – the real
economy – is in a state of rigor mortis.
Decades of easy credit was up to now a way for the ruling class – government, corporations, financial institutions – to let the majority of workers subsidize the chronic loss in their livelihoods, which have been drained since the mid-1970s by the oligarchy’s self-aggrandizement from wage cutting, regressive taxation and public spending cuts.
The political class – whether liberal or conservative,
right or left – have facilitated this giant wealth-siphoning process.
Recall former British Prime Minister Margaret Thatcher’s arrogant assertion:
Likewise, US President Barack Obama insists on throwing billions more dollars at the banks and financiers on Wall Street.
But that won’t kick-start an economy in which millions of workers are without jobs and homes or who are on crumby wages and up to their necks in debt.
profit system has hit an historic dead-end and this gridlock is a result of
deep trends to do with the decline in capitalism as a mode of social
production (falling wages and profits and the concomitant explosion in
financial speculation and debts).
The distinction between “developed” and
“developing” economies (always a myth anyway) is blurred. The ranks of the
world’s long-suffering poor are swelled with dispossessed blue and
white-collar workers and their families from across the US and Europe.
Together more than ever, they stand shut out from those gated havens of
obscene wealth for a global minority.
The First and Second World Wars – claiming more than 70
million over a period of less than 10 years lives – were effectively the
ultimate, grotesque bailouts.
The US oligarchy and its NATO allies are waging a veritable war on the world:
On top of ordinary poverty and misery, the world is truly seeing another historic descent into barbarism.
Given this war-mongering dynamic, the growing US antagonism with
Iran, Russia and China is far from an idle threat. It is the logical next
step for a deeply illogical economic system.
What is needed is:
That alternative is socialism (the subject of a further article). To those who remain skeptical, they should bear in mind the stark choice that Rosa Luxemberg foresaw for humanity: that is, socialism or barbarism.
And we already have the latter.