If anyone though that the austerity for the workers (but abundance for the elites) could in any way solve the deep economic crisis that began in 2007-2008 with the bubble limit (not yet burst because the implosion is being contained at the expense of worker's lifes and any hope of effective solution)... that one was wrong.
Greece is effectively in default according to the International Swaps and Derivatives Association, whatever the EU authorities say (WSWS), Italy has officially entered in recession today (Euronews) and China is being severely affected by the contraction of its markets in Europe and North America, showing for the first time in 12 years a trade deficit (it imported more than exported - Euronews).
Meanwhile I am surprised now and then by people who claim to be revolutionary Marxist economists and who are unable to see the big hole in which the global Capitalist system is in. Well, comrades, I can't know if it's is (some years from now) the time for a revolution or if it would succeed but what I do know is that the Capitalist system has not been this fucked up since at least the 1930s.
And I actually do consider that this crisis may not even have a single precedent in all the Capitalist history and that we have to look back to as far as the late 18th century crisis to compare with. If so we'd be before a true unprecedented systemic crisis because the complexity of society and economy and the technological (and destructive) power accumulated through the last two centuries has no precedents whatsoever.
Now sure what each one of us can do (no, I do not have any clear plan, at least not yet) but we must think ahead as if the revolutionary process is coalescing before our eyes in our lifetime and without expecting any hope of serious recovery for the Capitalist system, so stable until the day past yesterday.