The world’s stock markets were once more in turmoil as Socialist Review went to press.
The immediate trigger appears to have been the sharp downturn in Chinese share prices since July.
This, in and of itself, is a big problem for the Chinese authorities. As well as seeking to contain growing struggles by workers, they have encouraged so-called “middle class” Chinese to invest their savings in the stock market.
Greeks must accept austerity, it is often argued, because the alternative would be worse. Sotiris Kontogiannis argues for a workers' default against the bankers
The government and the media in Greece are conducting a scare campaign against the prospect of a default and exit from the eurozone. The measures imposed by the "troika" (the International Monetary Fund, the European Union and the European Central Bank) may be harsh, they say. Many people may suffer. But the alternatives are even worse. Without the assistance of the troika, Greece would default on its debts. The state would run out of money. Salaries and pensions would have to be suspended.
The post-election period will be dominated by the dire state of the British economy. While the political elite are desperate to make us pay for the crisis, they are also paralysed by the fear of a renewed recession precipitated by speculation against the pound. Joseph Choonara reports
The state of the economy will continue to mould British politics after the election. Economics will constrain the room for manoeuvre of the political elite, pressing them to drive through a series of attacks. It will also create the terrain on which workers will have to organise and resist. The prospects for the system are, then, of keen interest to those who wish to challenge it. After almost three years of chaos, what lies in store?
The ruling classes of the US and Britain are reeling in the face of the economic meltdown of their system and the real character of capitalism is exposed, writes Chris Harman
On Sunday 7 September the most right wing Republican administration in the US for three quarters of a century carried out the takeover of the mortgage giants Freddie Mac and Fannie Mae. It was then what appeared to be the "greatest nationalisation in the history of humanity", as Nouriel Roubini, professor at New York University and former US government adviser, described it.
