“the Great Recession of 2008 was in several respects a major turning point. In particular, as the crisis spread it generated the conditions for new rounds of brutal austerity worldwide, greater flexibilisation of labour, steeply rising under and unemployment, and so on. Transnational finance capital and its political agents utilised the global crisis to impose brutal austerity and attempting to dismantle what is left of welfare systems and social states in Europe, North America, and elsewhere, to squeeze more value out of labour, directly through more intensified exploitation and indirectly through state finances. Social and political conflict has escalated around the world in the wake of 2008.”
– http://www.aljazeera.com/indepth/opinion/2011/11/20111130121556567265.html