Here we post a video of a speech by Lynn Walsh, editor of Socialism Today (political journal of the Socialist Party, England & Wales) on the crisis in the world economy and international perspectives. An article dealing with some of these themes in more detail will be included in the new edition of the Socialist
Lynn Walsh: A world in crisis from Stephan Kimmerle on Vimeo.
A sum of money the size of the US and Japanese Gross Domestic Product (GDP) together is being held in offshore tax havens. This enormous hoard could immediately pay off most of the deficits and debt that are being used to justify austerity, and create millions of jobs. Instead it sits in places like the Cayman Islands, making the tax dodgers that put it there even richer.
Warnings of a currency war dominated the summit of the International Monetary Fund and the World Bank in Washington this weekend. The cooperation between global politicians, like when the economy plummeted in 2008, is dissolving. Many governments are devaluing their currencies in order to increase exports, thereby increasing contradictions and risking new economic downturns. The meeting, however, ended in a fiasco, with a statement void of content the only result. Below are two articles, on the world economy and on the currency wars.
In the midst of talk about Ireland’s exit from the Troika programme and recovery supposedly in sight, the mortgage crisis affecting hundreds of thousands of ordinary people is being deliberately understated.
