Wednesday, June 22, 2011

The Great Financial Crisis: Scot-Free Culprits Expose Class Solidarity

By Farooque Chowdhury

Sacrosanct capitalism searches causes behind the Great Financial Crisis among individuals instead of in the system it owns and operates, and fails to nab the culprits, the individuals involved with the crisis. The act and the failure reiterate the fact mentioned many years ago: the entire capitalist system safeguards capital, and governing machines – finance regulatory, law enforcement or whatever it is – are not class-neutral. The failure to nab culprits, the system’s in-built friend-foe-within, signifies class solidarity of capital’s ruling machine.

Reports by the US governing system, and from media, an ideal sample for study, tell reality of class solidarity. Based on (and liberally quoted from) these reports the old pattern of failure and collaboration is reiterated: as class-tool, state’s first job is to defend dominating interests.

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  1. US. state and local governments will need to raise taxes by $1,398 per household every year for the next 30 years if they are to fully fund their pension systems, a study released on Wednesday said.

    In order to continue with the bailouts and socialising the losses of the capitalist elites of the finance sector considerable “austerity” for the former municipal and state workers will be necessary or demanded in order to save the American economic
    System and banksters bonuses .

    Taxpayers who received services from these workers for many years had freely entered into labor contracts that included promise retirement benefits for these workers .
    Will Americans keep their word or attempt to break the contacts?
    These pension and other benefits must be paid for working people that include teachers ,firemen, and police.
    Americans pension plans appear to have been a great Ponzi scheme .

    As long as the economy was OK retirees were able to retire with their full benefits.

    But as funds invested for future payouts were invested in shares and property bonds,future high incomes from these appear to be doubtful as the insolvent economy implodes in a debt crisis of a failed ponzi capitalism

  2. Class war propaganda like this is insane & should not exist in our free world.

    Everybody knows that classes do not exist in America today , only capitalism & the equal rights of invested capital, the creator of all profits to a buck, as the just reward for hard working innovative productive capital.

    The STATE (government ) exists to defend property rights ,free trade for capital
    & for bailing out corporate state persons doing gods work , therefore the STATE represents all of society & stands above mere humans or "classes" !

  3. Yep after some careful analysis of our economic state i am convinced this is the end of America as we know it.
    The game is up. Everyday People are poor. No more facades of one being rich and the other doing OK.
    We now know each of us are poor and desperate.
    All of us have lived off of credit all our existence. We borrowed for our homes, we borrowed for our cars, we borrowed for our businesses, we borrowed for everything we have.
    Prepare everyone, get back with your families, support one another for the worst is yet to come.


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