"Through its program of quantitative easing, the Fed has expanded its asset base from under $1 trillion in 2007 to more than $4 trillion today, equivalent to about one quarter of US gross domestic product. This asset-buying program, unprecedented in economic history, signifies that instead of standing to some extent outside of financial markets as a lender of last resort, as they did in 2008, the Fed and other central banks are themselves now deeply integrated into the operations of the markets. This means that the next financial crisis, the conditions for which are well advanced, will involve the central banks themselves, posing the complete collapse of the financial system. While accumulating ever greater wealth through the speculative looting of the economy, the ruling elites know that a new crisis is in the making—one that will give rise to intensified social struggles. They are making their preparations in the form of ever more authoritarian forms of rule. The working class must likewise prepare through the development of a struggle to take political power on the basis of an international socialist program."
Posted on: Tue, 24 Sep 2013 02:22:55 +0000
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