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October 2008

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Editorial: 1929 again?

The Banks are going down like ninepins. It’s just over a year ago that
Northern Rock went bust. That was the first time we heard of the
‘credit crunch’ – the fact that banks were nervous of lending to each
other. Why? Because they realised the whole financial system was stood
on an unstable house of cards of credit. The pyramid had been built up
over years of mad speculation. They had got to the stage where they did
not know which bits of coloured paper in their vaults were sound and
which were non-performing toxins.

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New Pamphlet available: World Capitalism in Crisis

In this new document Alan Woods outlines the real reasons for the
world financial crisis, what it means for us – and them – and what can
be done about it. He shows how Marxism both predicted the chaos which
has hit the money market and revealed the processes which caused it. He
warns that Capitalism will seek to find a way out at our expense – as
one talk show host put it; "When we mess up, we pay. When they mess up,
we pay!"

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Hands Off Venezuela at Leeds Freshers’ Fair

Supporters of Hands off Venezuela at Leeds
University intervened during the week long freshers’ fair at Leeds University
Union to promote solidarity between students here in Leeds and the workers and
youth in Venezuela who are struggling to create a new society based on
socialist principles. There was a great deal of interest in the university’s
HOV society and the programme of events that the comrades have lined up. The
society managed to sign up 13 members and collected more than 50 contact details
as well as selling books, pamphlets and HOV magazines.

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Boris and the bankers

Boris Johnson defends capitalism. 
“Go on.
Admit it. You don’t feel altogether sorry for those bankers, do you? When you
read about the collapsing pillars of the temples of mammon, you don’t feel the
tears beginning to prick the corner of your eyes. 

“When you
read that the masters and mistresses of the Universe are being expelled from
their glass palaces, ferrying their possessions in cardboard boxes, you can’t
quite find it in you, somehow, to mourn…”

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