Our economics correspondent, Michael Roberts, looks at the different attittude of working people and capitalists when faced with tragedy and explains how the terrorist attacks on September 11 are likely to be the tipping point which will plunge the world economy into recession.
The Organisation for Economic Cooperation and Development (OECD), the body representing the world's richest 30 countries, has predicted that this year economic growth would be as low as 1% and would be only 1.2% next year. At the same time, capitalist economists forecast that global economic growth this year and next would be the worst for 30 years. The great economic recession of the early 21st century is under way.
The ripple effect of the terrorist attacks has spread far and wide. It was clear from the beginning that the airline and insurance industries, as well as the stock market in general (except for the armaments industry!) would suffer. But there have been other consequences that no one could have predicted.