The same process is at work in the US economy, where companies are piling up cash while profits are increasingly being accumulated through speculation in financial markets.
The objective logic of the profit system is the driving force behind the austerity programs being implemented by the ruling classes in the US, Europe and the world over. They are seeking to resolve the crisis through the impoverishment of the working class, reducing its conditions to those of the 1930s and worse.
The international working class must respond with its own independent strategy based on the overthrow of the bankrupt profit system and the establishment of socialism. The worst mistake it could make is to believe that half-measures will suffice or that the capitalist economy will eventually right itself. The events of 2012 have shattered that illusion as well as laying the basis for major social struggles in the coming year.
Crossposted at wsws.org
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