I’ve also been tracking the unemployment rate in the top seven OECD countries. My data only go back to 1978, but the harmonized rate is around 8.3% today; the worst unemployment level my data show.

Now we’re in one of those typically irrational capitalist situations where the recovery is apparently underway, but unemployment is still climbing. We should be aware that capitalists will use the opportunity of the crisis to restructure production. In the latest example, 10,000 jobs are on the chopping block at Opel in Germany. Describing what he calls the ‘third phase of the crisis’ (i.e. rising unemployment), Strauss-Kahn of the IMF said somewhat disingenuously: “Imagine the worker in Germany or France who will lose his job in the months ahead. For that worker the crisis is not behind him, but still ahead.” This is the same fellow who opposed the 35-hour work week in France. We have to remember that unemployment and restructuring are all part of the ‘normal’ functioning of capitalism. We shouldn’t be led to believe that “if it just weren’t for these crises all would be OK.” Likewise, we shouldn’t believe that we could ever have a crisis-free capitalism.

In any case, we are only at the tip of the iceberg in terms of what is in store for workers worldwide. This makes the need to adopt socialist policies ever more pressing. Capitalism and reformism are dead-ends for working people.