Editorial: The socialist case against the cuts
You
couldn’t make it up! About two years ago the banks in Britain, the USA and all over the world began to
go bust. It started over here with Northern Rock and culminated in the USA with the
collapse of the giant Lehman Brothers, the biggest corporate bankruptcy in
history. The problem for governments was that the banks were threatening to
take whole chunks of the capitalist system over the precipice with them. The
banking collapse and the ‘credit crunch’ were the triggers for a general crisis
of capitalism.
