A global slide into depression
►http://www.wsws.org/articles/2012/jun2012/pers-j22.shtml
A global slide into depression
22 June 2012
It is now coming on close to four years since the collapse of Lehman Brothers in the autumn of 2008. The events of the past several months underscore two fundamental features of the crisis that emerged out of the subsequent financial collapse: 1) that it is systemic, not temporary; and 2) that it is global, effecting every country in the world. Globally integrated capitalism has created a globally integrated catastrophe.
This week, a series of economic figures were released confirming this analysis. Hopes from bourgeois commentators that the debt crisis in Europe could be offset by economic growth in Germany, or that weakness in the West as a whole could be counterbalanced by strong production in Asia, are being dashed with each passing day.