The argument is won: capitalism as an effective system to organise society and provide for human needs has expired. The evidence is conclusive. Trillions of dollars to kickstart the economy in the US and Europe may have given an ephemeral lease of life to the financial class to spin the casino wheel once again, but it is more apparent by the day that the tentative “recovery” has spluttered to a standstill. Gridlocked by unprecedented levels of personal and national debts, the engine of production – the real economy – is in a state of rigor mortis.
This collapse has been a long time in the making. Decades of easy credit was up to now a way for the ruling class – government, corporations, financial institutions – to let the majority of workers subsidise the chronic loss in their livelihoods, which have been drained since the mid-1970s by the oligarchy’s self-aggrandisement from wage cutting, regressive taxation and public spending cuts. The political class – whether liberal or conservative, right or left – have facilitated this giant wealth-siphoning process.'
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