On Monday, European stock markets posted their worst one-day performance since the 2008 crisis, with indexes closing down 4-7 percent after recent turbulence in Chinese equities and Asian markets.
"Slumps are, of course, the natural phenomena of the capitalist system. <…> Capitalism cannot solve the crisis of its own making. It is entirely based on extortion, oppression and war and so it will continue as long as we let the exploiters get away with it," Andy Brooks told Sputnik.
Brooks explained that any economic slump will be excused by capitalists as "part of the normal economic cycle, much like the seasons, and we [working people] should be content with the crumbs from the rich man’s table which they call with unconscious irony the 'trickle-down' effect because it is indeed a miserable pittance."
"Resistance to austerity and neo-liberalism is growing. We see it in the upsurge of support for Jeremy Corbyn's [a left-wing politician, who supports anti-austerity views] bid to become the leader of the Labour Party in Britain, the mass anti-austerity movements in Greece and Spain and the growing militancy of the unions throughout the EU," Andy Brooks said.
"I don’t think Europe has even recovered from the 2008 slump. Germany, Britain and France are still under austerity regimes of one form or another. Unemployment, homelessness and poverty is even worse and increasing and it’s even worse in Greece, Spain and Portugal and the eastern European states," the politician said.
Pointing out the lingering effects of the 2008 financial crisis on the EU, Brooks observed the European stock markets' slump on Monday, as indexes closed down 4-7 percent after recent turbulence in Chinese equities and Asian markets.
On Tuesday and Wednesday global markets partially recovered after plunging on economic news from China. US markets on Monday lost around 4 percent of their value. European shares were similarly battered.
