On April 2nd, the multinational G20 circus descended on London. The G20 is composed of Finance Ministers from the world’s foremost advanced and emerging economies, and representatives from the IMF, European Union and World Bank. The stated purpose of the summit was “to seek solutions to the global financial crisis”. Abolishing capitalism, however, didn’t feature highly on the agenda. Instead discussion centred on measures aimed at restoring confidence in the battered financial markets and further attempts at “restabilising” the fragile world economy.
In the last 20 years or so, global capitalism has predicated growing social inequality, war and pillaging of the environment. The impact of this has been especially acute outside of the richest 20 nations. Just 4.3% of the recent Wall Street bail out could have ended world hunger (source: Dissent G20), but making poverty history is never the priority of the ruling elite.
Our futures, and those of millions like us are gambled away daily on the world stock markets. When the banks collapsed they were bailed out by our money, while their overseers like RBS’s Fred the Shred were pensioned off to the tune of millions. We, on the other hand, get saddled with job losses and home repossessions.
If the G20 leaders had the power to solve the turmoil we wouldn’t be in it.
Capitalism is not in crisis, capitalism is crisis.