Despite all the Keynesian experiments and the monetary stimulus, China has failed to escape the global economic crisis. Chinese workers are experiencing the economic slowdown in terms of the closures of factories and non-payment of wages. The result has been a surge in the number of strikes and the organisation of the working class in China.

Sunday 25th January saw general elections in Greece, with SYRIZA – the left-wing party – winning 36% of the vote and 149 seats in parliament – just short of the 151 needed for a majority. SYRIZA’s victory marks an historic event, and is an important step in the process of radicalisation taking place in Greece and across Europe. All eyes will now be on what actions the SYRIZA leadership takes.

Desperate times call for desperate measures. After years of crisis and further months of prevaricating, quantitative easing will soon be implemented across the Eurozone. However, the contradictions that have prevented such a programme of QE in Europe up until now have not gone away, and the fault lines along which the Eurozone will crack are already apparent and clear.