Banks are paying out huge bonuses to the very same speculators who were responsible for the credit crunch in the first place. Banking is to remain a financial wild west. If we want a financial system that works for the interest of the people we need to get rid of the whole capitalist system.

General Motors has announced that it will cut 8,300 jobs in Europe alone in a bid to reduce its overcapacity. The first plant to go was in Antwerp, Belgium. Workers in other GM plants, and in the whole industry, must now unite and resist in order to defend their jobs and living standards.

The world of international finance has been shaken by the default in Dubai. Commentators have suggested that this could be the cause of the recession moving into a double dip. Now the Greek government is running a government deficit of 12.7% of GDP, which is more than four times the permitted European maximum. Capitalism stalks one country after another, probing for weaknesses and laying the weakest low. This system is inherently unstable. As long as it exists, it threatens all our livelihoods.

Big banks like Goldman Sachs have become flush with free money and have been announcing mega-results for the third quarter of last year. They have also started to pay huge bonuses again for bankers and directors. So it’s business as usual for capitalism - at a time when a record number of Americans (32million) are on food stamps, unemployment of various sorts has reached 16% of the workforce and people are losing their homes.

Why is New Labour hurling yet more of our money at the banks? The latest handout has been described as the ‘world’s biggest bank bailout.’ It’s costing every household in Britain £2,000, on top of all the money wasted last time round.

The world of international finance has been shaken by the default in Dubai. Shares have taken a tumble all over the world. Commentators have suggested that this could be the cause of the recession moving into a double dip, of a further downturn in the world economy.