I suppose I would be remiss if I didn’t mention the March 17 statement of the International Committee of the Fourth International, which ran under the headline, “The Greek debt crisis signals a new stage in class conflict“:
1. The Greek debt crisis marks a new stage in the global recession triggered by the collapse of US investment bank Lehman Brothers in 2008. Governments all over the world reacted by handing over trillions to debt-ridden banks so as to avoid a complete financial breakdown. By moving to make workers pay for rescuing the banks, these governments are acting on behalf of finance capital. Their attempt to set back workers’ living standards by several generations must lead to a tremendous escalation of class conflict within Europe and throughout the world. As Moody’s, the credit rating agency, warned in a report issued on March 15, the measures that governments will be compelled to take in order to maintain the confidence of large global investors “will inevitably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion.” Significantly, Moody’s statement came in a report that warned that debt levels in the United States were dangerously high.
And it just goes on like that. For a while. Really.