The recent stock market downswing in India and the world, in the aftermath of the downgrading of US credit rating by Standard & Poor (S&P) has graphically shown the irrationality of the economic world built around finance capital led globalization.
'' The “bail out” package to the financial system in the United States is estimated to exceed $10 trillion. The strategy at present therefore seems to be to sustain the financial system and wait for the next “bubble” to appear rather than to revive the real economy directly through fiscal stimuli. The consequence of this strategy will be a prolonged period of recession and unemployment with much human suffering; but this only underscores the power of the financial interests in contemporary capitalism, where even a crisis of this magnitude engendered by their functioning leaves this power undiminished.''-argues Prabhat Patnaik.
''The brazen attempts by the champions of the “free market”, to save capitalism through state intervention and public finances, mark a gigantic failure of the finance-driven globalisation process. This spectacular failure, besides reenergizing the resistance against imperialist globalisation, will also have repercussions in terms of weakening the hegemony of the US and strengthening the trend towards multipolarity in world affairs. ''
Prasenjit Bose argues that the global financial crisis and the onset of the recession will 'drum dialectics' into the heads of the policymakers worldwide.
সাম্প্রতিক আর্থিকসঙ্কট নিয়ে সংবাদ মাধ্যমে প্রচুর লেখালেখি হতে থাকায় মানুষ বোঝার চেষ্টা করছেন কী থেকে কী হচ্ছ।একটা অসুবিধা হলো ইংরাজি শব্দ ব্যবহৃত হওয়ায় অনেকেই শব্দটা পড়ছেন , অর্থটা বুঝছেন না । আর্থিক প্রক্রিয়া নিয়ে এখানে চর্চা কম হয়েছে, বাংলায় আরো কম। হতো যদি, এখন এত বিস্মিত হতে হতো না ।
Lenin on imperialism at the turn of the last century seems to eerily fit the realities of the crisis-ridden world at the beginning of this century. Some excerpts from his masterpiece Imperialism.
"The Indian financial system needs to be insulated from the turbulence being witnessed in the financial markets of the US and elsewhere. Not only should the ongoing moves towards greater financial liberalization and deregulation be stalled, regulations need to be tightened in several areas where recklessness is already visible."
Prasenjit Bose, Convenor, CPI(M) Research Cell, outlines the lessons from the financial crisis in the US for policymakers in India.
"This is now a very dangerous moment in the life of our country, because if the financial system did collapse, it would have all kinds of repercussions all over the country, and we don't want that. On the other hand, we cannot allow Wall Street and the Bush administration to push through a bailout package which meets only their needs and takes them off the hook, and puts all that money back into their bank accounts".
Sam Webb, National Chair, Communist Party USA, speaks to Political Affairs on the US financial crisis.
As those responsible for a financial crisis do not have to pay for it, they have no compunction about creating once again the conditions that caused it.
It has taken the biggest crisis since the Great Depression to put the American economy on the agenda of the presidential polls, P.Sainath writes in The Hindu on the US elections and the financial crisis in the US.