‘The bank is now insolvent’
www.workers.org
It is often the case that, when the capitalist system is on the verge of a crisis, the period leading up to it is marked by buoyant explosions of optimism. On Oct. 25, 1929, President Herbert Hoover proclaimed that the U.S. economy was “on a sound and prosperous basis.” Four days later the stock mar

As Workers World Party’s First Secretary Larry Holmes wrote in October 2022, “This is no normal economic downturn. However long and drawn out this economic crisis is and whatever events push it forward, it’s the development that many Marxists (as well as bankers and billionaires who are willing to utter words of truth) consider to be the biggest global capitalist economic crisis in history. The capitalist crisis that is under way is unique in that it is symptomatic of a dying system entering its end-stage.”