G20

In Pittsburgh, on 24/25 September, the third summit of the G20 took place, a new ‘international forum' specially created to hold back the crisis which has been hitting the world economy with full force since the summer of 2007. If we were to believe the final communiqué, this mission has already been accomplished.

"The first global crisis of humanity" (WTO, April 2009); a recession which is "the most profound and the most synchronised in the memory of man" (OECD, March 2009)! From the very words of these great international institutions, the present economic crisis is of an unprecedented gravity...

Now the G20 London Summit is over, what is the message that the rulers of the earth is they can deal with the economic catastrophe facing the capitalist system.The present crisis of overproduction, however, has its roots not, as the economic experts claim, in any kind of temporary ‘imbalance' in the world economy, but in the basic social relations of capitalism.

As economic crisis wracks the globe, the international bourgeoisie seems to be on the ropes. It may also be possible for them to squeeze some kind of economic ‘recovery' out of the wreckage of the world economy - but this can only delay the inevitable.