Automatically translated from Basque, translation may contain errors. More information here. Elhuyarren itzultzaile automatikoaren logoa

On the eve of a new crisis?

  • It is ten years since the US financial services company Lehman Brothers sank into the sea first causing a financial crisis, then an economic and, finally, political crisis. This changed the world and brought catastrophic consequences, especially in some European countries: business failure, millions of lost jobs, bankruptcy of some banks, anti-social reforms against workers, precariousness, increased inequality and poverty, misery… In short, the expression of the savage capitalism that continues among us.

Many of those responsible for the crisis (politicians, employers, financial experts…) have analysed the current economic situation, taking advantage of the fact that a decade has passed. What emerges from your words is nothing hopeful. For example, the former President of the European Central Bank, Jean-Claude Trichet, answered when asked whether the Lehman Brothers crisis can be repeated: “If there is something that can be called the global economy and global debt – public or private – is one of the best indicators of vulnerability, the current situation is as serious as when the crisis broke out: this indicator shows a higher level of indebtedness in terms of percentage of global GDP.” Experts support this thesis because the world’s current indebtedness far exceeds that of 2007 and we must add China, which has a debt higher than that of the United States with regard to GDP.

Capitalism seems to need a crisis from time to time to leave the burden and continue to accumulate capital, destroy jobs and precarious with anti-social reforms. This is how this wild system of structure and root works.


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