Showing posts with label sub-prime. Show all posts
Showing posts with label sub-prime. Show all posts
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Sub-prime crisis and crisis of capitalism

Posted by স্বাভিমান Labels: , ,

Written & published in newspaper/magazine in January/2009

( Communist manifesto in 1848 …. In this crises, there breaks out an epidemic that, in all earlier epochs, would have seemed an absurdity – the epidemic of over-production …)

A World Bank report states – “ the number of malnourished people with a record rise of 44 million  in the year 2008, is estimated to be total 967 million. The number of most hungry people is 1.4 billion and that of hungry people is another 3 billion. The hungry people in India, that claims to be largely free from the impact of global economic crisis, is 200 million. The situation of hungry people in the so called developed states of India are worse than Sub-Saharan Africa.” These are the official figures. The real situation is more horrifying than the official figures reveal. These figures are rising rapidly with every passing time. Thousands of working people are losing their jobs regularly. The factory shutters are getting down one after another. The unemployment rate and the number of unemployed are increasing leaps & bounds. The common toiling masses, the people of backward communities and countries, since long, have been facing the brunt of this crisis of the system in this way in their own lives. In the case of recent American Sub-Prime crisis also, the backward Afro-American, Hispanics in the American society have slided down further in socio-economic ladder. Those people, who do not have own roofs over their heads, also availed the sub-prime loan with a desire to have their own home.

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