High rates of unemployment and low productivity is a new norm, and this crisis stems from the 70s. Paul Krugman actually said “the last 30 years of development in macroeconomic theory has, at best, been spectacularly useless or, at worst, directly harmful,” in July 2009. Last year Das Kapital was a bestseller in Germany.
What happens when all these banks and creditors are bailed out is that the debt carries over onto state deficits. This means a regime of permanent austerity because, who, then, do they say must “pay” the sovereign debt? Cut spending in education, healthcare, etc.
Capital couldn’t afford to educate students, it issued IOUs. When the time comes to pay those back we, uh, won’t be able to because there’s no job market. The state will then have to further cut back on any spending, and the cycle goes on relentlessly.
It’s seriously time to stop fucking around and start demanding things around here. We’re like a century behind every other Western Capitalist country - no labor party, no mass organization that backs workers (especially undocumented workers - our unions are degenerated shitholes), no mass student organization. What are we doing?