by Willam I. Robinson / December 12th, 2017
The transnational capitalist class is pouring billions of dollars into the rapid digitalization of global capitalism as the latest outlet for its surplus accumulated capital and hedging its bets on new investment opportunities in a global police state. But will these ballooning sectors of the global economy allow the world capitalist system to avoid another catastrophic crisis?
There is good reason to believe that recovery will be ephemeral and that another crisis looms on the horizon. The underlying structural conditions that triggered the Great Depression of 2008 remain in place and a new round of restructuring in the global economy now underway is likely to further aggravate them. These conditions include unprecedented levels of inequality, public and private debt and financial speculation. A new crisis could be triggered by a bursting of the current stock market bubble, especially in the high-tech sector, by defaults in household or public debt, or by the outbreak of a new international military conflict.
Growth has plodded forward since 2008 through monetary instruments such as “quantitative easing” (essentially, printing money and making it available as credit) and bank and corporate bailouts, along with escalating consumer debt, a wave of speculative investment, especially in the high-tech sector, and ever increasing levels of financial speculation in the global casino. Now, however, central banks are…