clipped from: mrzine.monthlyreview.org   
Don't panic!  That's the panicked cry of governments and central bankers around the world.  Meanwhile their behaviour shows that they expect a very, very deep recession.

More 'transparency' and better regulation of banking won't deal with the underlying issue which is low average rates of profit across the global economy.


Capitalism has a tendency to break down that is expressed in deep crises like the current one. Grossman argued that

capitalist production is characterized by insoluble conflicts.  Irremediable systemic convulsions necessarily arise . . . from the immanent contradiction between value and use value, between profitability and productivity, between limited possibilities for valorisation and the unlimited development of the productive forces.


The fact that production is organised not to satisfy human needs but to make profits for the capitalist class is the ultimate cause of the system's recurrent crises.