Tuesday, 28 June 2011

The Rot - The Decay

“ We should not say that one man’s hour is worth another man’s hour, but rather that one man during an hour is worth just as much as another during an hour. Time is everything, man  is nothing: he is at most time’s carcass”.   Karl Marx

Whilst surfing this here Internet, I stumbled upon a firecracker of a story, well at least I thought it was interesting!”

We hear a great deal about cuts in the UK these days, and if you take a close look around the world - there is one country after another making cuts, implementing some very foul and malodorous programs of ‘austerity’ which is now such an everyday word.

I don’t think that people losing their jobs is a jestingly matter in the least; and in these very uncertain times almost anyone, in any profession or in general dogs-body wage slavery, can end-up on a scrap ‘heap’, with all the many hardships that come with it.

The Rot - The Decay

The rot and decay at the heart of the global financial system is deepening and extending. This is the conclusion to emerge from the annual report of the Bank for International Settlements (BIS) released on Sunday.

This Bank, sometimes referred to as the central bankers ‘bank’ was one of the few institutions that pointed-out the dangerous imbalances in the global financial system that led to the collapse of Lehman Brothers in September 2008. Three years on and its annual report gives clear indications that another financial crisis is in the making. 

But we really don’t have to study or take the word of these capitalist creations , one good look around tells you all. 

Cleveland USA   

Like many a city or state in the US, the city of Cleveland, in the state of Ohio, is struggling to keep afloat in capitalist modern day ‘Barack Obama’s America. This year in the US, it may well become known as the year of the municipal default. And for the bigger US financial system, there are many reasons to be worried, if the crises that now lays at the footplate of these cites and states implodes and bursts inward and outwards, then the economy of the US could become really unstable, and potentially trigger off a far greater crises for American capitalism, which would have comebacks and repercussions around the globe, as indeed has all their other economic 'depressions’. 

One real problem for them is that city revenues are crashing and generally getting worse. High levels of unemployment have been cutting into revenues, whilst increasing costs for services. Any major city could default at any time, or it could be one of the hundreds of small cities that are on the brink of collapse.

But the story that caught  my eye and sums up the situation, is the real mess that the city of Cleveland has got into with a deficit of $47.5 million and could climb it has been said to $400 million by 2015, and now forced to make deep cuts in many services, which include more than 835 council employees laid off, 643 of these are teachers! 

Even the police department in Cleveland, has not gone untouched, the local press reported that 40 police academy cadets who joined the force faced immediate layoffs because of the budget cuts.

“Amid tears and applause, the 42 cadets were let go soon after their graduation ceremony on Friday. The city had planned the cut for the end of May, but after striking a deal with the police union the cadets were allowed to take their oaths as scheduled.”

And then they were shown the door!”

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