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It is probably clear to most of our readers that American capitalism has entered a period of acute crisis. Even the boom preceding this recession was one marked by the emergence of the ‘rust belt’ – decaying cities once epicentres of the world’s most prosperous industrial working class, such as Detroit and Baltimore. Baltimore, which is majority black, used to have one of the US’ most wealthy black populations. It is now synonymous with crime, drugs and decaying industry, with the second highest murder rate in America. And all this before the looming recession. It is no wonder it has been reported that many Americans feel like they have been in a recession for some time.