the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
Mar 2, 2015
McKinsey and Company, advisers to the capitalist bosses, just published a new study on worldwide debt. From 2007 until 2014, debt has risen by more than 50 trillion dollars to a dizzying total of 200 trillion dollars. This figure includes all forms of debt, public, corporate and private.
The richest capitalist countries are the ones that have increased their public debt the most. For example, it has risen by 35% in the United States; by 60% in Japan; by 50% in Britain. And this kind of debt has exploded all over the world mostly because states borrowed more money to ease the effect of a lack of investments by capitalists, or – as they pretend – to revive their economy. In reality, they are only helping their capitalists.
So how long can this go on? After the threat of collapse from the subprime mortgage crisis of 2008 and the public debt crisis of 2011, the heads of states talked of regulating the financial system. But this leading political class is incapable of playing the tiniest role to moderate the path toward the abyss to which the world is heading, driven by financial markets looking for more profit.