According to IMF chief Dominique Strauss-Kahn, the global economy will require drastic measures to survive.
Previous 2009 estimates for the global economy were inaccurate, according to Strauss-Kahn. China’s projected 11 percent growth has now been slashed to 5 percent. The IMF has called for $1.2 trillion in government spending and temporary tax cuts—more costly “stimuli” to prop up failing markets.
Strauss-Kahn acknowledged that violent protests could break out if the financial system was not “restructured to benefit everyone”—something he knows full well cannot be achieved under capitalism. The U.S. government is working on a package to “stem the hemorrhaging of the loss of jobs,” according to Vice President-elect Joseph Biden.
Class-conscious capitalist leaders like Biden dress up their efforts to rescue the ruling class in terms that they hope will appeal to distressed workers and blur the class lines within the present crisis. Through piecemeal reforms and lies, they seek to steer workers away from the only permanent solution to their afflictions—socialism, a system not beholden to the profit motive that can actually meet people’s needs.
