Ever since it became the dominant feature of economic life, capital has repeatedly proven to be a force for economic instability. The “financial crisis” of 2008 is a clear example. Another such crisis could be on its way soon. An IMF blog on 14 October says ‘nonbanks’ are issuing risky loans that banks can no longer provide under post-2008 restrictions. The banks are in on the act too – according to the Financial Times’ Unhedged podcast on 2 October, they have lent some $1.7 trillion to nonbanks. Their ‘imprudence’ has already led two large US companies to collapse.
Typical of capital – its unquenchable thirst for profit drives the economy to its limits, and beyond, causing chaos for many. Time to get rid.
https://www.worldsocialism.org/spgb/
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