The relative stability of the global economy is hanging by a thread. When the governments of the world failed to break up the big banks and dismantle corporate capitalism after the 2008 crash, the global financial system became even more consolidated and dangerous than it was before. In the last decade, a new housing bubble has appeared, the stock market has become more overvalued than it was before the Great Depression, and the six biggest
banks own more than half the assets of the 100 largest banks.
“All the signs are already there,” Peter Schiff recently said. “Look at what’s happening out there. The stock market is falling, 40 percent of the S&P is already in a bear market. Look at homebuilders, the housing stocks, the financials, the retailers — all these are the same things that were happening in 2007 leading to that crisis…It’s impossible, because in fact we kept it going so long that collapse is going to be that much bigger, and sooner we face that reality the better. But no politician wants to face that reality, they want to pretend everything is great.”
As Schiff and many other experts are predicting, a new economic crisis is coming. And this time, as they also expect, it will be even more destructive than the last one was.
And while the countdown to this catastrophe happens, most Americans are already alarmingly close to having their livelihoods fall out from underneath them. A federal survey this year showed that 40% of Americans aren’t currently able to come up with $400 for an emergency, and 6 in 10 Americans now have less than $1000 in savings. One third of Americans aren’t able to afford food, shelter, or health care, which has no doubt contributed to the record household debt that’s appeared in recent years. What will the people in these categories do when the crash comes?
For most of us, a slide into deeper poverty will be unavoidable. Homelessness, hunger, and unemployment will increase across the United States, and this will no doubt also be true worldwide. Suicides, heart attacks, and homicides will naturally go up because of this explosion in poverty, effectively making for a global massacre at the hands of the politicians and bankers who caused this crisis.
However the crash effects me, I’m not going to let it make me retreat into inaction. When the corporate state inevitably uses the crisis to try to pass another Wall Street bailout, cut social programs, and further destroy our civil liberties, I’ll do everything I can to organize towards stopping these things from happening. And I urge others to do the same.
The resources are here for us to pull off this mass mobilization effort; groups like the Freedom Socialist Party and the Democratic Socialists of America have already been growing recently, and joining them is one way to contribute to this fight. As we build the movement in this way, we also need to create protests, participate in blockades, and go on strike. People around the world have already been doing these things at an unusually high rate in the last year, and we need to sustain this trend as time goes on.
Because if people around the world can pull together to defy the power of the plutocrats, this next crash won’t just lead to yet another corporate power grab. It could ultimately be what ends the rule of the super-rich.