We've heard plenty about the recession in the U.S., but what about the rest of the world? Countries across Europe have faced budget crunches and conservative governments are using the crisis as an excuse to roll back the social safety net that most have enjoyed for decades.

Many of the problems--and the solutions--sound sadly familiar. Lowered taxes on the rich and corporations, falling wages, and deregulation led to the crisis, which is being shifted onto the backs of the working class--as Michael Hudson notes, putting the class war back in business. Hudson joins us in studio, along with Richard Wolff, to discuss the economic crisis in Europe, what we can learn about the response to it and apply back at home. Here's a hint: it involves organized labor.