The Next Crash?

Take a look at those figures (and watch the full video here).

Now, I'm no expert on complex financial instruments - I think part of the problem is that they're so complicated that no one really is - but I know a large number when I see one, especially as a ratio of the world economy.

Here's the scary thing - a tiny error, a minor fault in the predictions of the banksters and bourgeois economists in a quadrillion dollar market equals a major economic upheaval and there's not much we can do about it.

After all, in a "globalized" world our paper-shuffling, post-industrial, no-longer-productive financialized economies rely on "competitive" regulation (or so we are told) - hence the Tories' opposition to financial regulation at the European level.

On the plus side, if enough firms go out of business maybe we can generate sufficient public anger and desperation to follow the Argentine model (see my earlier post) or the example of the Greek workers at Vio.Me.

After all, though the 1% might collapse the economy, nothing physical is destroyed by a derivatives crash. Though corporations file for bankruptcy, the factories, the human and intellectual capital (also known as people), the inventories and the resources are still there for humanity to use to meet its needs.

Though they create sub-prime mortgage bubbles, make a killing and then force the poor out of their homes, the houses are still there to be reclaimed; foreclosure and homelessness are economic constructs that can be overcome through direct action.

Debt, money and property are conventions, they exist on trust, trust which can be withdrawn.        

Worker's of the world unite, you have nothing to lose but your bosses! Occupy. Resist. Produce.