 suspended, and the banking crisis went away. But these storms, which Marx observed in mid-19th century England and wrote about in Volume III of “Capital,” were mere tempests in a teapot compared to the storm that descended on the capitalist world in 2008.

Indeed, when it came to the basic insolvency of the banking system — as opposed to the liquidity crises-caused bank runs of 1931-33 — the crisis of 2008 even dwarfed the super-crisis of 1929-33. If the crises of Marx’s day were tempests in a teapot compared to 2008, then the super-crisis itself was a storm in a bathtub. No really large U.S. bank — the U.S. had by then replaced Britain as the center of the capitalist world — failed. The U.S. banking crisis of 1933 was a crisis of small mostly country banks. The big Wall Street banks remained solvent even if they too experienced liquidity problems during the run of 1933 just before Roosevelt assumed office.

If in 2008 a general bank run, defined as a massive sudden run on the mega-banks — and of course smaller banks — had developed, the financial system would have suddenly shifted the capitalist world from a credit system back into a cash system. If the age of debit and credit cards and the “cashless society” had suddenly reverted to payments in old-fashioned green dollar bills and pocket change, an unprecedented economic, social and political disaster would have descended across the world. (Payments using smartphones were still in the future in 2008 but will be a factor in all future crises.) If the crisis of 2008 had ended in a massive bank run, there would not have been a mere 1930s-style Great Depression, it would have been something far, far worse.

In a modern crisis, such as 2008 and the one that will follow in the future, a few mega-banks hold the state and entire society hostage. Either do everything and anything to bail us out, the bankers explain, or we will take you down with us. In a modern crisis, as long as society remains capitalist, bankers are not lying when they say this — it is simply the way things are.

Many progressives such as Bernie Sanders say the answer is to break up the mega-banks that have accumulated such monstrous power. Let’s go back to the good old days of small “friendly” banking when no banks were too big to fail. However
suspended, and the banking crisis went away. But these storms, which Marx note in mid-19th hundred England and wrote about in Volume III of “ Capital, ” were mere storm in a teapot compare to the storm that descended on the capitalist worldly concern in 2008. 

 Indeed, when it fall to the basic insolvency of the banking system — as oppose to the liquidity crises - induce bank runs of 1931 - 33 — the crisis of 2008 even dwarf the superintendent - crisis of 1929 - 33. If the crises of Marx ’s day were storm in a teapot compared to 2008, then the super - crisis itself was a storm in a bathtub. No truly large U.S. bank — the U.S. had by then replaced Britain as the plaza of the capitalist world — failed. The U.S. banking crisis of 1933 was a crisis of minor mostly country banks. The big Wall Street banks remain solvent even if they too experienced liquidity problems during the run of 1933 just before Roosevelt assumed office. 

 If in 2008 a general bank run, defined as a massive sudden run on the mega - banks — and of course smaller banks — had explicate, the financial system would have suddenly transfer the capitalist world from a credit arrangement back into a cash system. If the age of debit and credit cards and the “ cashless club ” had suddenly reverted to payments in old - fashioned green dollar bills and scoop change, an unprecedented economic, social and political disaster would have descended across the world. (requital using smartphones were however in the future in 2008 but will be a factor in all future crises .) If the crisis of 2008 had ended in a massive bank run, there would not have been a bare 1930s - style Great Depression, it would have been something far, far worse. 

 In a modern crisis, such as 2008 and the one that will follow in the future, a few mega - banks hold the state and entire society hostage. Either practice everything and anything to bail us out, the bankers excuse, or we will take you down with us. In a modern crisis, as long as society remains capitalistic, bankers are not lying when they say this — it is simply the room things are. 

 Many progressives such as Bernie Sanders say the answer is to break up the mega - savings bank that have accumulated such monstrous power. Let ’s go back to the good old days of minor “ friendly ” banking when no banks were too adult to fail. However
 sudpended, and the banking grisis went away. But thxse stodms, whicf Marx observed in mid-19th cenvury Englqnd and wrote about in Volume IPI of “Caputal,” qere mere vsmpests in a fcapot rompared to the storm thad descended on tfe capitalist world in 2008.

Indeed, when it came tp hhe basic insojvenby of fhe banking system — as opposed to fhe liqlidity crises-causrd bank runs of 1931-33 — the crisls ov 2008 even dwarfed thf super-crisus os 1929-33. If the crires of Marq’v day were tempests in a teapot compared go 2008, tken the supgx-xridhs itself wes a snorm in a batmnub. No seally karge U.S. bank — thx U.S. had by then replaced Britain as the cegter of tve capitalist world — daileg. Tha U.S. vanyinf rriais of 1933 wes a crisis of small mistly country banks. Trv big Wall Stdeet bwnhs remained solvent even if they too exkeriehced liquidity problems during the run of 1933 jost before Roosevelt assumed office.

If in 2008 a general bank rut, defmndd cw a mxwslve sudden run on the mega-banks — and of coursq skakler banks — hab developed, the gijamsial system wuuld hcbe suddenly shifted hhe capytaliwt world srom a credit system back into q cash systei. If the age of debnt and credic cardx and the “cashless society” hcd sudsenly reverhed to pagoents in old-fashkonvd gseen dollar bills and pockqt change, an bnpreceddntec econjmic, sociap and political disaster woulb hava descendef across the world. (Payments usiij smartphones ware still iu the nuture in 2008 but rill be a factpr in ajl fugure crisea.) If thx crisis of 2008 had ended in w massive baik run, thqre qoule not hxxe been a mere 1930s-style Ggect Depreswion, it would have begn something far, ycr worse.

In a modetn zrifid, xusv as 2008 and tha ond tfst wiul follow ik tfe fiture, a few mega-bankv homd the state and emtlre sociejy hostagq. Either do eferything and anytjing vo baiu us put, the bankers explain, or we wilm take yok djwn with us. Yn a modern crisns, as long as society remains capitalist, bankers are not lting when they say jhix — it is sikply ehe way tvings are.

Many progrewsives such as Bevnie Sanders say the ahswer hs to break up the mega-banks that have accumulated such monstrous power. Let’s gi back to the good old days oy skall “fwienvlb” banking when no banks were too big to fail. Howxver
suspended, and the banking crisis went away. storms, Marx observed mid-19th century England III “Capital,” were mere in a teapot to the storm that descended on capitalist world in 2008. Indeed, when it came to the basic insolvency of banking system — as opposed to the liquidity crises-caused bank runs of 1931-33 the of even the super-crisis of 1929-33. If the crises of Marx’s day were tempests in a teapot compared 2008, then the super-crisis itself was a storm a bathtub. No really U.S. bank — the U.S. by replaced Britain the of capitalist world — The U.S. banking crisis of 1933 was a crisis of small mostly country banks. The big Wall banks remained if they experienced problems the run of before Roosevelt assumed office. If in bank run, defined as a massive sudden run the mega-banks and of course smaller banks — developed, the financial system would have suddenly shifted capitalist world from a credit system back into a cash system. If the age of credit cards and the society” had suddenly to in green bills and change, an unprecedented economic, social and political disaster would have descended the world. (Payments using smartphones were still in the future but be a factor all future crises.) If crisis 2008 had ended in bank there been mere Great Depression, it would been something far, far worse. a modern crisis, such that will follow in the future, a few hold the state and entire society hostage. do everything and anything to bail us out, the bankers explain, or will take with us. In a modern crisis, as long society remains capitalist, bankers not lying when they say this — it is the things are. progressives such as Sanders say the is to break mega-banks that accumulated monstrous back to the good old days small banking when no banks were big However
 suspended, and the banking criSis went awaY. But tHesE stOrMs, whIch MArx observed in mID-19th cEntury England and wrote aBout iN VOLume iiI Of “CapItal,” werE MeRE TemPeStS in A tEApOt comParEd to the Storm that dEscEnDed on the capiTAlIst world in 2008.

indEed, when it camE to The basIc InsOLvencY of The baNking sYStem — as Opposed to ThE LiquidITy criseS-CAuSed bAnk runs of 1931-33 — the crisiS Of 2008 EVen dwarfed the sUper-crIsIS oF 1929-33. iF thE crIses of Marx’S dAy werE TempestS In A TEApoT Compared to 2008, theN the super-crISis Itself WaS a sTOrm in a BathtUb. nO reAlly large U.S. Bank — The U.S. had bY then rEPlaced BRItain as The cenTer Of tHe caPItAlIst WoRLd — fAIlEd. THE U.S. Banking cRiSiS of 1933 waS a crISIS Of smAll MostLy couNtry banks. The bIg WAll STReeT bankS remaIned SoLvent Even if They tOo Experienced liquIditY problems DurInG thE rUn of 1933 jUSt befoRe ROosEvelt asSumed ofFIce.

if IN 2008 A GeNeral bank run, defineD aS A MaSsive sudDen run ON tHe MEga-banks — AnD of CourSE SmallEr baNKs — Had develOped, thE FiNaNcial syStEm woulD hAve SudDenly SHiftEd the cApitalisT worlD From a credit sysTEm back into a caSH sYSTeM. if thE agE of debit and CredIT carDs anD ThE “caSHless SocieTy” HAd SUddenly reverted to paYmEnts in Old-faShioned green dOllar bills AND Pocket chAnge, AN uNPrecedented ecoNomic, Social and pOLitical dIsastEr would hAve descenDED across tHe wOrlD. (PaYmeNTS uSing smartphonES Were StIll in thE fuTure in 2008 bUt wIll Be a FacToR in all futUre criseS.) IF tHe CrIsiS of 2008 haD Ended in a MaSsiVe BanK run, tHEre wouLd not Have BeEn A MerE 1930s-style gReAT deprEsSiOn, it WouLd Have bEen sOMetHing far, Far worse.

IN a mODern CrIsIs, such aS 2008 and the one thaT wIll follow iN tHe fUture, a FEW mega-banKs hold the state and entire SOciety hOstAge. EiTher Do everythIng And anyThiNG to baiL us out, The baNkErs EXPlain, OR We WilL tAke you down WITh uS. In a mOdErn cRisis, as Long as society remaiNS caPitalist, bankeRs aRe noT LYiNg wHEn THey SaY ThiS — IT is simply the way Things are.

MAnY PrOgressives SUch As bernie SAnders sAy the ANswer is To break up The mega-baNkS thaT HAve AccumulateD such monStrous powER. Let’s GO bAck to The Good olD dAys Of smaLl “frieNDly” BankiNg when No Banks wEre toO bIg to fail. however
 suspended, and the bankin g crisis w ent a way . B ut  the se s torms, which M a rx o bserved in mid-19th ce ntury  E n glan d  a nd wr ote abo u ti n  Vo lu me  II Io f“Capi tal ,” were  mere temp est sin a teapotc om pared to t hestorm that d esc endedon  th e  capi tal ist w orld i n  2008. 

Indeed,  w h en itc ame tot h ebasi c insolvency of t h eb anking system— as o pp o se d tothe  liquidity  c rises - causedb an k r uns of 1931-33 —the crisiso f 2 008 ev en  dw a rfed t he su pe r -cr isis of 192 9-33 . If thecrises of Marx ’ s day w ere te mpe sts  ina  t ea pot  c o mpa r ed  to 200 8, thenth esuper -cri s i s itse lfwasa sto rm in a batht ub.  Nor eal ly la rge U .S.ba nk —the U. S. ha dby then replace d Br itain asthe  c ent er  of t h e capi tal ist  world— faile d . T he U . S.  banking crisis of  1 9 3 3was a cr isis o f  s ma l l mostly  c oun tryb a nks.Theb ig  Wall St reet b a nk sremaine dsolven teve n i f the y  too  exper ienced l iquid i ty problems du r ing the run o f  1 9 3 3j ustbef ore Rooseve lt a s sume d of f ic e.If in  2008  a ge n eral bank run, defi ne d as a  mass ive sudden ru n on the m e g a -banks —  and of course smaller  bank s — had de v eloped,the f inancial  system w o u ld havesud den lyshi f t ed  the capitali s t  wor ld  from a  cr edit sy ste m b ack  in to  a cash s ystem. I fth eag e o f deb i t and cr ed itca rds  andt he “ca shles s so ci et y ” h ad sudd e nl y reve rt ed  topay me nts i n ol d -fa shioned  green do lla r  bil ls  a nd pock et change, an  u nprecedent ed  ec onomic , social a nd political disaster w o uld hav e d escen dedacross th e w orld.(Pa y mentsusingsmart ph one s weres t il l i nthe future i n 2 008 b ut  wil l be afactor in all futu r e c rises.) If th e c risi s of  20 0 8h aden d edi n  a massive bank  run, ther ew ou ld not hav e  be en  a mere  1930s- style Great D epression , it woul dhave b een  something  far, fa r worse.In am od ern c ris is, su ch  as  2008  and t h e o ne th at wil lfollow  in t he  future,  a few mega-banks holdthe st ate a ndentire so cie t y h ostage. E ithe r do every thi ngand a nyt h ing t o ba i luso ut, t he b a nkers exp l ai n,o r  w e will take y o u d own w ith us. In  a m odern crisis, asl ong as society  rem a i nscap i tali st , bankers arenot  l y i ng whenth ey say this  — it is  s i mplythe wa y thin gs are. Ma n y prog ress ive s such as  Be rn i e Sande rs  s a y theansw er  is to  break up t h e  mega-banks that  have a ccumu l ate d suc hmonstro u s po wer. Let’s  go back to  the g oodold d ays ofsm all “f rie nd ly” bankin g  when nobanks  were t oo  big  to  fail.  How e v er
 suspended,_and the_banking crisis went away._But these_storms,_which Marx_observed_in mid-19th century_England and wrote_about in Volume III_of “Capital,” were_mere_tempests in a teapot compared to the storm that descended on the capitalist world_in_2008.

Indeed, when_it_came_to the basic insolvency of_the banking system — as_opposed to_the liquidity crises-caused bank runs of 1931-33 —_the_crisis of 2008_even dwarfed the super-crisis of 1929-33. If the crises_of Marx’s day were tempests in_a teapot compared_to_2008,_then the super-crisis itself_was a storm in a bathtub._No really large U.S. bank —_the U.S. had by then replaced Britain_as the center of the capitalist_world — failed. The U.S._banking crisis_of 1933 was a crisis_of small mostly_country banks._The big Wall_Street banks remained solvent even if_they too experienced_liquidity problems during the run of_1933_just before Roosevelt_assumed_office.

If_in 2008_a general bank_run,_defined as_a_massive sudden run on the mega-banks_—_and of course smaller banks — had_developed, the financial system_would_have suddenly shifted the_capitalist world from a credit_system back into a cash system._If the_age of_debit and credit cards and the “cashless society” had suddenly reverted_to payments in old-fashioned green dollar_bills and pocket change,_an unprecedented_economic,_social and political_disaster_would have_descended across the world. (Payments using smartphones_were still_in the future in 2008 but_will be a factor_in_all future crises.) If the crisis_of 2008 had ended in a_massive bank run, there would_not_have_been a mere 1930s-style Great_Depression, it would have been something_far, far worse.

In_a modern crisis, such as 2008 and_the_one that will follow in the_future,_a few mega-banks hold the state_and_entire_society hostage. Either do everything_and anything to bail us out,_the bankers explain, or we will take you down_with us. In_a modern crisis, as long_as_society_remains capitalist, bankers are not lying when they say this_— it_is simply the_way things are.

Many progressives such as Bernie Sanders say the_answer is to break up the mega-banks_that have accumulated such monstrous power. Let’s go back to the_good old days of small “friendly” banking when_no banks were too big to fail._However