The crisis is global. It’s inside imperialist societies such as France, Spain and inside societies dominated by imperialism such as Greece, Haiti.

In the U.S., the recent economic crisis is more structural than any previous crises excluding that of the civil war. The ideologues of the bourgeoisie, as well as from the Democratic and Republican parties, are scrambling for explanations and self-serving blame. The economic system has had to come to a halt causing an unprecedented economic crisis since the past few decades. Overall, they all seem to have no solution.

Military production seems to be the only thriving realm of capitalist production, making imperialist wars and imperialist occupations – under the disguise of humanitarian help, and/or the fight to defeat terrorism abroad – a profitable business.

Capital, lacking investment outlets, flows into financial speculation, transferring a good part of the economy of capitalist production to finance capital. Here capital generates surplus while skipping production, an inherently perennial crisis-creating process. Transforming a capitalist economy that depends heavily on production and consumption of consumer goods to finance capitalism took a toll on the future of capitalism, dubbed the ‘bubble economy’.

Acknowledgements to Minuteman Media

As a result of heavy reliance on finance capital, a monopoly of finance capital has been formed in recent decades. Finance has restructured finance capitalism. Furthermore, it has created an economy that actually does not rely on the production of real consumer goods and services. On the other hand, it emphasizes growth in terms of financial investments, futures, hedge funds, loans, and the stock market. This puts U.S. society in a perennial mode of constant crisis where no solutions are in sight. Forty percent of modern domestic corporate profits in America are from the financial sector, compared to only 2 percent in the 1960s. This has been an economic and political development, as the financial sector gained power over the rest of the economy.

The solution to this crisis is not economic. This economic crisis could only be resolved through a political solution. The bailout of the Bush and Obama administrations were political solutions in the interest of the capitalist class. We are faced with two alternatives: one coming from the capitalist class bailout and structural adjustment for the popular masses. The capitalist class will lean on the opportunists and populists of the petit bourgeoisie to peddle illusions that a solution is possible if we support the lesser evil in the competition between the democrats and republicans.

And the other solution will come from the popular classes.
a] We need to build combative political organizations that are anti-domination and anti-global capitalism in our schools and neighborhoods in order to build a combative mass movement of working people to resist the evils of global capitalism, led by finance capital.
b] We need to coordinate our struggle internationally with all people dominated by imperialism and their dominant classes to resist and fight global capitalism.

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