In the last week of March, the global capitalist crisis was expressed in the fall in value, over two consecutive days, of the most important stock exchanges in the world. Added to this is the collapse in the currencies of the so-called emerging economies and the deepening trade war between China and the United States. Although still in its early stages it is set to be a shock to the global economic system. In short, we are in the throes of a recession and are yet to witness its full extent.

On 25 September, a general strike paralysed the Argentinian economy. In a demonstration of the enormous power of the working class, public transport came to a standstill, schools and universities were shut, public institutions and banks closed and private industry ceased to function. Meanwhile, president Macri was in the US making further concessions to the IMF in a desperate attempt to get a larger bailout.

Since the beginning of 2018, the Argentinian peso has fallen 30 percent against the dollar, reaching 25 pesos per dollar. The severity of the crisis has forced the government to raise interest rates to 40 percent. Seeing that this didn’t help, the government has taken steps to ask the IMF for a multi-billion-dollar loan to prop up the faltering economy. Seemingly coming like lightning from a clear blue sky, what this pending disaster really reveals is the fragile state of the Argentinian and world economy.