Capitalist crisis goes from bad to worse
Like a recurring nightmare, the capitalist crisis refuses to go away and rather seems to be going from bad to worse.
Perhaps the most glaring signs of the deepening crisis has been the massive volatility experienced in stock, bond and currency markets globally. Over the last few months more than US $ 6 trillion in share values have been wiped off stock markets across the world, and currency values have bounced around. So far, the worst hit countries have been in Latin America, Asia, and Africa. China has been particularly hard hit with stock markets plunging over the last 8 months.
South Africa has not been spared. As with other ‘developing countries’, South Africa’s stock, currency and bond markets have been on a roller-coaster ride.