Global Financial Meltdown, Is this the end of Capitalism?

cork | anti-capitalism | event notice Sunday September 21, 2008 20:21 by Joe Moore - Socialist Workers Party mapuche at eircom dot net 087-2994796

Public Meeing Cork.

As major banks and insurance companies in the US are collapsing, we ask "Is This the end of Capitalism?"

A public meeting to discuss this question will be held in the Victoria Hotel, Patrick St., Cork on Thursday 2nd October 2008 at 8.00pm.
Speaker, Donal McFhearraigh, editor Socialist Worker.

The bankruptcy of the fourth largest investment bank in the US, Lehman Brothers, has triggered fears of a wider banking collapse. On the same day another giant investment bank, Merril Lynch was sold off to Bank of America after writing off assets worth more than$40 billion in the last year. Then came the government buy out of insurance giant, AIG.
Earlier the US treasury nationalised the two mortgage giants, Fannie Mae and Freddie Mac at the cost of $5,400 billion.

All this raises fears of a repeat of the 1929 Wall Street Crash when share prices slumped following a speculative boom. Across the globe governments acted to protect their economies, by raising import controls. World trade collapsed. Trade wars were quickly followed by real wars as leading states tried to secure raw materials and markets by direct conquest.

The crisis was only overcome with the rearmament boom immediately prior and during the Second World War.

History never repeats itself but no one on Wall Street or in the City of London knows where this crisis is heading. What can be guaranteed is that it will spawn economic and political instability.

Donal McFhearraigh will address these issues at the meeting to which all are invited.