Behind the Austerity Drive (new blog from critique of crisis theory)
- January 2013 marks the beginning of the sixth year since the last crisis began in August 2007 and the fifth year since the crisis reached its climax with the panic on Wall Street in September 2008. Compared to the stormy events of those years, recent weeks have been relatively quiet.
The European debt crisis has at least momentarily eased with the decision of the European Central Bank to expand the euro-denominated monetary basethough much of the European economy remains in the grip of recession with unemployment still rising. In the U.S., the economy remains sluggish as the leaders of the ruling class seek ways to accelerate growth in order to halt and reverse U.S. de-industrialization and prevent a serious social and political crisis.
This is therefore a good time to take a larger view of the current economic situation within the broader long-term evolution of the capitalist system. This month I will focus on the U.S. government deficits and the current austerity drive.
Read more: http://critiqueofcrisistheory.wordpress.com/2013/01/20/behind-the-austerity-drive/