Stop Bubble Politics.
Downsize Crisis-Capitalism. No exploitation of the South.

A call for public wealth, world peace, and climate justice by the Left on the occasion of the EU Summit (29/30 October 2009)

Pittsburgh, Brussels, Copenhagen. Dozens of international summits are hold at this time of crisis. The various "governments" of the world face serious challenges - whether it is the G20 trying to stabilise the core-shaken world financial system, the EU Council attempting to reinforce Europe's role as a global player, or the UN fighting imminent climate collapse.

From the perspective of the majority of the people the proposed responses have been very disappointing so far. Analysis of the systemic causes of the financial meltdown, bloody conflicts, growing power of transnational corporations, the exploitation of the South and global warming remains superficial, and measures taken to fight the crisis are insufficient. The UN Climate Conference in Copenhagen at the end of the year is likely to come up with diluted targets and even greater commodification of nature. Meanwhile, the EU continues to work on profiting at the expense of weaker economies. Everything the G20 has to offer are vague and weak proposals on financial transaction taxes, bank regulation and useless caps on manager bonuses.

The financial market bubble is followed by a bubble in politics. Real change, though heard of in so many speeches and declarations, is not in sight. On the contrary, neoliberal hegemony and the logic of crisis-capitalism are being restored. Those that caused the crisis seem to have suffered very little from the results. Hiding themselves behind an illusion of social democracy and neo-Keynesian arrangements they are about to rescue their project.

Let's briefly recall the "achievements" of about 40 years of neo-liberalism:

  • Private wealth has exploded since 1980. It is today fourteen times higher than 30 years ago. The rich and super-rich own four times the value of the annual worldwide GDP. Their demand for ever growing profits drive the real production beyond all limits - to boost their profit by 2% they force global labour to provide an 8% growth-rate of GDP.
  • Military expenses have increased worldwide by almost 50% since 1999 - despite a decline of major armed conflicts. One out of every 40 Dollars is channelled into the production and testing of weapons and into warfare. The US military budget has reached the highest level since World War II as a consequence of the conflicts in Afghanistan and Iraq.
  • Use of energy has almost doubled since 1980. Emissions of greenhouse gases have increased by 40% in the last 20 years. The global use of raw materials is expected to reach 80 billion tons by 2020 - almost 60% more than at the beginning of the century.

A policy of "business as usual" will be disastrous for our planet. Mankind would inevitably face catastrophe and even collapse of civilization. In order to achieve public wealth, world peace, and climate justice for people from all around the world we strongly demand within the next ten years:

  • 75 % less wealth in the hands of the rich and the super-rich,
  • 75 % less expenditure for the military,
  • 75 % less use of energy and resources as well as 75% less emissions.

Stop Bubble Politics, break the logic of the growth machine, and resist the restoration of neo-liberal power. Downsize crisis-capitalism immediately. GET 75 % OFF NOW!

Initial signatures by: Elmar Altvater, Berlin, Samir Amin, Dakar, Michael Brie, Berlin, Birgit Daiber, Brüssel, Fiona Dove, Amsterdam, Mamdouh Habashi, Kairo, François Houtart, Brüssel, Helmuth Markov, Berlin, Rick Wolff, New York, Valentin M. Yakushik, Kiev.

Legal note