Globalized production has now brought a worldwide epidemic of layoffs and mass unemployment.

Militarism, technological development, and anti-labor attacks were not enough to save the banks and corporations. Huge injections of credit were required. The ruling class resorted to speculation, credit bubbles, mortgage schemes, exotic financial instruments and all manner of fraud to make profits based on trading in fictitious capital. To overcome the limitations on the profitability of industry, unlimited paper profits were conjured up.