The restructuring of society taking place, in the direct interests of the corporate-financial elite and at the expense of the working population, is not occurring unnoticed. The American and international working class will inevitably find itself drawn into struggle against the present, untenable form of social organization.
Hiram Lee invokes a recurring fantasy of the left, and while I do not scorn the underlying sentiment, I admit to a certain cynicism. Perhaps in other places around the world, populist anger might bring down governments, but the prestige and wealth of the United States is such that Americans are wary of risking it all for an unproven thesis.
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.