Economic crisis again

This video from Iceland says about itself:

Massive demonstation in Reykjavik on October 18,2008 outside the parliament demanding the resignation of the chief director of the Central Bank of Iceland and ex-PM David Oddsson. 2,000 gathered to protest in a population of 320,000.

More on the crisis in Iceland: here.

The economic crisis continues.

Global economic crisis hits Japanese banks, exporters: here.

France: Sarkozy intends to partly nationalise “strategically important” companies: here.

German economics expert compares bank managers to persecuted Jews: here. … What a chutzpah, considering German bankers’ history of propping up the Hitler regime. By Ulrich Rippert:

The pre-print of these remarks last weekend had already evoked fierce criticism. The Central Council of Jews in Germany expressed its indignation, and Stephan Kramer, the group’s general secretary, called on Sinn to withdraw his comments “unconditionally, as fast as possible, and apologise.” The comparison was “infuriating, absurd, and absolutely out of place, a defamation of the victims,” Kramer said.

4 thoughts on “Economic crisis again

  1. John Bellamy Foster: `Capitalism has reached its limits’

    October 26, 2008 — Six months ago the United States was already deep in
    a financial crisis — the roots of which were explained in `The
    Financialization of Capital and the Crisis’ (Monthly Review, April
    2008). Yet, the conditions now are several orders of magnitude worse and
    are affecting the entire world.
    We are clearly in the midst of one of the great crises in the history of
    capitalism. More than a mere financial panic, what is taking place is a
    major devaluation of capital of still undetermined dimensions. Marx
    explained that capital was invariably over-extended in a boom and that
    in the crisis that followed a part of that capital was devalued,
    enabling the rest to return to profitability and to the process of
    accumulation and expansion.

    * Read more


  2. Fictitious capital and real compacts

    By Anitra Nelson
    October 15, 2008 — Radical Notes — Perhaps we need a Marxian to sort
    out the world’s financial woes. The insights of Karl Marx on capitalist
    crises, especially speculation and financial crises, were sophisticated
    for his time. Indeed, this nineteenth century communist revolutionary
    called financial assets and loans ‘fictitious capital’ or ‘imaginary
    wealth’ as distinct from ‘real capital’ — industrial or productive
    capital — such as factories and commodity stocks.

    * Read more

    The global economic crisis: An historic opportunity for

    An initial response from individuals, social movements and
    non-governmental organisations in support of a transitional program for
    radical economic transformation.
    Beijing, October 15, 2008 — Taking advantage of the opportunity of so
    many people from movements gathering in Beijing during the Asia-Europe
    People’s Forum, the Transnational Institute and Focus on the Global
    South convened informal nightly meetings between October 13 and 15,
    2008. We took stock of the meaning of the unfolding global economic
    crisis and the opportunity it presents for us to put into the public
    domain some of the inspiring and feasible alternatives many of us have
    been working on for decades. This statement represents the collective
    outcome of our Beijing nights. We, the initial signatories, mean this to
    be a contribution towards efforts to formulate proposals around which
    our movements can organise as the basis for a radically different kind
    of political and economic order.

    * Read more


  3. Pingback: Pay discrimination of British women | Dear Kitty. Some blog

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