Private Debt - An Impending Capitalist Crisis
Given that we're about to embark on yet another round of quantitative easing combined with austerity, which has not for the past four times it's been tried, I thought it might be pertinent to talk about something which is rarely mentioned. First, though, I want to clear something up and I'm afraid that this is a rather boring economics post. The Pandemic is touted by many as being an instigator of a capitalist crisis. I don't believe this is the case and I can't honestly see how a socialist economy would have economically fared much better bar being better prepared and more liberal with spending on healthcare and safety. The UK governments have for once been pretty good economically but heinously shit with regards to everything else. However, this is beside the point. The point I'm making is that it wasn't an internal contradiction of capitalism that triggered the crisis. An internal contradiction is the only way by which a crisis of capitalism is triggered.