Capitalism does not work. It brings a nightmare of economic crisis, mass starvation, wars, and environmental destruction. The working class of the world is the only hope. For a democratic socialist world.
Tobogganing to the cliff edge with their eyes shut. This was a phrase used by the revolutionary socialist Trotsky. It is very appropriate at the present time. The capitalist world economy almost went over the edge of the cliff in 2008. It was only rescued by taxpayers, that is mostly the money of working class people, that is our money, bailing it out. Listen to what the Wall Street Journal, this crazed propagandist for market fundamentalism, these mullahs of market fundamentalism, these born again's of market fundamentalism, say in moments when they are being more honest and talking to their own class. They admit that they were bailed out by the state and governments and central banks. They admit they could not save themselves. But are they changing their ways to avoid another 2008? Not a chance. They are at their swindling even more than before. This is what we mean when we talk about them tobogganing towards the cliff edge with their eyes shut.
The Wall Street Journal produced its Year-End-Review on January 3rd. The main heading was "Meet the supporting cast." The sub heading was "Markets continued to benefit from intervention in 2010; the question is, can the Fed and others exit neatly." Let us look at this a bit more. This fundamentalist capitalist propaganda rag writes: "Financial markets of just about every stripe pushed higher in 2010, marking a second year of recovery from the financial crisis. As was the case in 2009, investors can thank continued, unprecedented efforts by governments and central banks around the globe to keep their economies and financial markets afloat for those good returns."
What is being said here? These capitalists who are usually frothing at the mouth against any intervention from governments or the state are saying quite calmly and clearly that they were only saved by the help of governments and central banks, that their profits on the markets came because they were bailed out. Keep in mind the need to be able to understand how to read the capitalist media. They scream against government help when they talk to the mass of the population but they accept it completely when they are in crisis and talking amongst themselves.
It is as we say capitalism does not work. It staggers from crisis to crisis and every time it is about to go over the edge of the cliff it runs whining to the state and taxpayers to get bailed out. And of course do not miss the last few words. "Can the fed and others exit neatly." That is these capitalist fundamentalists want to take the help from the state and the taxpayers but they want no interference once they are on their feet again. They want them to "exit neatly."
Why do we head this blog, heading for the cliff again? Because capitalism has learnt nothing from the 2008 crash. The same extreme speculation and swindling is going on. The previous blog entry shows this. Along with this there remains a massive crisis of over production over capacity in the entire capitalist world. This will not be able to be ignored for ever. It will demand the attention of the capitalist system. Marx said that sometimes debt, that is credit, can allow the system to go further than its own limits for a time. This is what is happening at the moment. Dealing with this massive over production is being done by the accumulation of massive debt. This cannot go on forever.
The US federal debt is around the $14 trillion mark. This debt is keeping the world economy afloat. Use your imagination. Think what will happen when this has to be paid back. And this day will come. Do not have any doubt. When it does there will be a $14 trillion reduction in demand in the world economy. A slump such as never been seen, or which cannot be imagined, will be the result. When something goes past its own limits, as capitalism is doing at the moment by using the massive US federal and also the private debt in the US then a day of reckoning will come. When the debt cannot be further sustained the system will be snapped back inside its real limits again. This is what lies ahead. Consciousness will change that is for sure.
Of course it will not be clean. As the world heads in the direction of being sucked down this hole of the worst slump in history the attacks on the working class will explode and this will have a tendency to radicalize the working class. But also the conflicts between the various capitalist powers will increase as they savage each other to stay in existence as their system collapses. Wars and revolutions and counter revolutions will dominate the world. Capitalism is tobogganing towards this precipice with its eyes shut.
As we say capitalism does not work. We need a democratic socialist society on a world scale. The working class needs to think more seriously about its responsibility. Only the international working class can end capitalism and build a new society. We have to work and organize and educate to this end. Things will not go on like they are at the moment. The madness that we see in the capitalist class as they again and again take the same road to financial disaster will express itself in other fields, military, environmental, this is a class and a system that is ruining the world as we know it. Only the working class, only our power can stop them. For a democratic socialist world. Those of us who are not organizing for socialism have to change our lives.
And do not forget. Defend Wikileaks and Defend Bradley Manning and Defend Assange.
Sean.
1 comment:
There is a lot of stress in many work places right now. You would expect tough times to bring out compassion in employers. However they see the recession as a moment to reduce costs by firing long term employees and hiring newer and cheaper workers in their place. We have to demand that all this extra profit be split fairly throughout society.
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