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.
The decision of the rating agency, Standard and Poor’s, to downgrade the credit rating of Ireland from AA to AA- was met with hypocritical gnashing of teeth by Irish establishment figures. The National Treasury Management Agency rushed to criticise S&P, saying that their approach was "flawed". Minster of State, Dara Calleary declared that they used a "very negative analysis".
If you were still maintaining “hope” that the economic crisis will soon abate the additional €3.5 billion in austerity at the next Budget will result in potentially another 30,000 job losses according to the Nevin Institute.
Recent Central Bank figures on mortgage arrears reveal an enormous crisis brewing. With all of the focus on the hundreds of austerity measures this government are implementing, the relentless rise in mortgage arrears numbers has, so far, not gotten the attention it deserves.
The severe downturn in 2008-09 made the world economy into an experimental workshop. But neither extreme austerity or trillions to the banks has led to a solid recovery. Now there is growing concern among politicians and economists.
