Data on economic crisis show only one solution

It is becoming clearer every day that the capitalist class has no solution to the present crisis, either short term or long term. The short-term stimulus will not work and the long-term forces that have in the past pushed capitalism forward are exhausted.

It is clear from this that the multinational working class, through independent mass action, is the only force that can intervene to stop the layoffs, foreclosures and evictions and that the workers must do so in order to save themselves from being driven deeper into poverty.

The financial authorities have tried with all their might to get this heart running again through bailouts—injections of money, loan guarantees, forced mergers—but the vital organ of banking still shows only a faint sign of life.

Why ‘nationalization’ is on the table

Nationalization, amounts to the seizure of the banks by the government, the nationalization of their bad debts, and then the return of the debt-free banks back to the hands of the parasitic financial swindlers.

It is beginning to dawn on the bankers, brokers and bosses that they are staring into the void of an economic crisis in which, more and more each day, the protracted forces of economic downturn seem to completely overwhelm the prospects for recovery. Each economic stimulus or bailout measure announced by the Obama administration seems to be immediately dwarfed by announcements on the growing magnitude of the crisis.

The ruling class concern over the economic crisis has nothing to do with sympathy for the workers and oppressed who suffer the pain. A protracted depression means a decline in production, which means a decline in profits, a rise in unemployment and the prospect of eventual working-class rebellion. This is the double nightmare that haunts them about the future.