Socialist Worker

Economic crisis


Is this capitalism’s worst ever crisis?

24 February 2009
New Labour’s chancellor Alistair Darling said last August economic times were "the worst they’ve been in 60 years". Earlier this month cabinet minister Ed Balls said the recession is "the most serious for over 100 years". Gordon Brown recently let slip the dreaded D-word – "depression".

Trying to have it both ways over the economy

17 February 2009
The new US director of national intelligence, Dennis Blair, last week proclaimed that instability caused by the global economic crisis had outstripped terrorism to become the country’s biggest security threat.

Tell Gordon Brown: ‘Scrap bank bonuses, save our jobs’

10 February 2009
Have the priorities of the system we live under ever been more clearly exposed than by the events of the past week?

Obama’s economic plan won’t fix the crisis

03 February 2009
Barack Obama’s plan to save the US economy has been caught up in a growing panic among world leaders over protectionism.

Which economy will be bottom?

03 February 2009
The International Monetary Fund (IMF) put Britain at the bottom of the class in its revised forecast for the world economy last week. At the World Economic Forum meeting in Davos, Switzerland, Gordon Brown was forced to refute suggestions that London was now "Reykjavik on The Thames" – a reference to Iceland’s economic crash.

Jobs meltdown as crisis grows

27 January 2009
An astounding 80,000 jobs were axed in Britain, Europe and the US in just one day on Monday.

Protests bring down Iceland’s government

27 January 2009
The government of Iceland became the first to be driven out of office in this recession by a wave of popular protest this week.

Gordon Brown wants us to cheer up as the recession deepens

27 January 2009
Gordon Brown warned this week against "pessimism" over the economy.

Journalists fight for jobs and media standards

27 January 2009
Journalists are one group at the sharp end of bosses’ attempts to cut back on jobs and pay as the recession bites.

How can we fan the flames of resistance against the effects of recession?

27 January 2009
This is a time of contrasts. On the one hand there is anger on the streets and campuses over Israel’s attack on Gaza. On the other a lack of struggle against the huge level of job cuts hitting workers in Britain.

Are the banks to blame?

27 January 2009
It’s difficult to believe that bankers could become even less popular, but that is exactly what happened last week. Fresh from soaking up some £200 billion in emergency funds from the government, Britain’s major banks turned round and asked for more.

A bank worker speaks out

20 January 2009
"The anger and bitterness of workers at the Royal Bank of Scotland (RBS) is intense.

Bailout will mean cuts

20 January 2009
The government is committed to £5 billion in "efficiency savings".

Money shops: Pushing us into the red

20 January 2009
The recession in Britain is deepening and ordinary people are paying the price – with hundreds more losing their jobs every day. But not everyone is suffering. For some the economic crisis represents a huge opportunity to make a cheap buck from other people’s misery.

Take the banks from the bosses

20 January 2009
As economic recession tears into Britain, millions of us spend our nights fearing for the future. More than half of all workers are worried that they might be on the dole by the end of the year.

World rulers panic as banks’ crisis returns

20 January 2009
Gordon Brown’s bailout for the banks reflects a growing sense of panic among the ruling class as the economic crisis deepens.

Gordon Brown throws more money into growing banking black hole

20 January 2009
The latest bailout of the banks will cost at least £200 billion according to the government’s own figures – and we will get nothing in return.

Household debt and repossessions on the rise

06 January 2009
The average household debt increases by over £6.30 every daySome 2,430 Consumer County Court Judgements (CCJs) for debt are issued every dayOn average 124 properties were repossessed every day during the last three months. The Council of Mortgage Lenders estimates this will increase to approximately 205 a day this yearGovernment figures say that 44 percent of mortgage holders are worried about being able to meet their payments and 47 percent of local authority and housing association tenants are worried about being able to pay their rent Some 422 mortgage possession claims are issued and 323 mortgage possession orders are made every day

Sign of the times as high street chains go bust

06 January 2009
The last 200 Woolworths stores were closing down as Socialist Worker went to press.

Gordon Brown’s ‘public works’ job plan doesn’t add up

06 January 2009
Gordon Brown pledged this week that up to 100,000 jobs could be created by planned public works in the coming years.

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