As their system continues to slide into its worst crisis since the 1930s, the frantic efforts of world capitalist leaders to reverse the process are farcical, contradictory and ineffective. “Is anyone in control? Is this a runaway train?” asked a presenter on a British news programme on Monday evening - the day Wall Street crashed by 6% and markets everywhere plummeted.
Capitalist leaders are in disarray as they strive and fail to get to grips with the eurozone crisis and its threat to the global economy. Neither the G20 summit in Mexico, nor crisis talks in Rome offered any solutions, as politicians and economists desperately try to hang on to the eurozone roller-coaster.
Ann Orr writes about the increasing problem of mortgage defaults : In December 26,271 mortgage holders were behind in their mortgage re-payments due to the dramatic increase in unemployment. And Michael Murphy writes about the government's plans for another bank bailout.
