"World economy slides deeper into slump": What's the quick answer?

The world economic crisis was precipitated by an orgy of speculation, in which the boundary between financial wheeling and dealing and outright criminality was largely effaced. Yet the unswerving focus of government policy from the outset has been to protect the wealth of the financial aristocracy. To this end, state treasuries were plundered to cover the gambling debts of the bankers.

The multi-trillion-dollar bank bailouts inaugurated the greatest transfer of wealth from the bottom to the top in human history. This has immensely sharpened social tensions and ushered in a new period of revolutionary upheavals.
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Not a single leading banker has been prosecuted in connection with the massive Ponzi scheme that was erected on the basis of toxic sub-prime mortgages and other dubious assets. The giant banks have not only not been broken up or nationalized, they have been allowed to increase their monopolistic power. No serious reforms have been instituted, allowing the banks to resume their reckless speculation and take in record profits, while awarding their executives higher bonuses than ever.
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...the crisis is being systematically and deliberately exploited by the American bourgeoisie and the Obama administration to carry out a historic and permanent reversal in the conditions of the working class.

Source: World economy slides deeper into slump.

The quick, temporary answer is nationalizing the Federal Reserve and converting all U.S. legal tender to tax-and-interest-free United States Notes used to pay off the National Debt and to pay for full-and-immediate employment in the public sector and for all the basic goods and services needed by the general population. If the supply of money were pegged exactly in real time to Main-Street type productivity and not finance capitalism (which would be rendered obsolete — has been for a long time really), there would be no issue with either inflation or deflation. They'd be moot.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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