1.The current crisis is typical of the crises that regularly appear in the capitalist economy. “Overproduction”, speculation and subsequent collapse are inherent to the system. (As Alexander Berkman and others have pointed out, what capitalist economists call overproduction is actually underconsumption: capitalism prevents large numbers of people from fulfilling their needs, and so undermines its own markets.)

2.Any solution to the crisis prepared by capitalists and governments will remain a solution within capitalism. It will not be a solution for the popular classes. Indeed, as in every crisis, the workers and the poor are paying – while financial capital is being bailed out with huge sums. This is likely to continue. No change within capitalism can resolve the problems of the popular classes; still less can such a solution be expected from individual politicians, such as Barack Obama. The most such politicians can do is play a part in offering the capitalists a way out, and perhaps in throwing the working class some crumbs.

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