Editorial for Revolutionary Perspectives 59

(Since the last issue of RP we’ve seen disaffected youths rampaging and looting through the streets of major cities as wild fluctuations in stock markets leave governments and central banks perplex

First of all, let us not be naïve.

15 October was the first global event (spread over 90 countries) against the effects of the crisis.

As long as capitalism has existed there has been a housing crisis, and this particular phase shows how bankrupt this system is, figuratively and increasingly literally.

On 19 October in tune with the 48 hours general strike huge anti-austerity protests organised by the two major trade unions GESEE and ADEDY took place in Greece.

The Eurozone Sovereign Debt Crisis has once again become the key threat to global capitalism and the likely epicentre of another financial earthquake.

While worries in the Eurozone about state bankruptcies grow, Germany is reporting favourable economic data.