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The government is
desperate not to nationalise Northern Rock. As Trotsky says, “the banks concentrate in their hands the actual control over
the economy.” If the banks are
always to be bailed out because they are so important to the economy, then we
need to take them all over.
The government has now pumped about £60
billion of our money into Northern Rock. That’s a lot of money – it’s more than
half what the health service costs. Now the NHS is looking after millions of
people at any one time and hospital services are available round the clock for
you in case anything goes wrong. It employs over a million people and its
benefits are there for all to see.
As we explained in the last issue, the vultures
are hovering round Northern Rock. There are the shareholders on the one hand,
people who think the rest of us owe them a living and, if they bet on a horse
that loses, then we should just give them their money back.
This article was originally written on the occasion of the seventieth
anniversary of the 1929 Wall
Street Crash. It was not intended purely as a
commemorative or historical piece. It was written because, to Marxists, all the
signs were then apparent that another stock price ‘correction’ was in
preparation.
Republication of the article is timely. In 2007 the sub-prime mortgage bubble
finally burst. The financial crisis has already had a knock-on effect on the
banks through the credit crunch. The capitalist world stands on the threshold
of recession.
The Scottish parliament elections last May saw
the Scottish National Party (SNP) win a national election for the first time in
its history. The flip side of this is that the majority of Scots have
always consistently opposed independence. But on Sunday, Dec 16th, the
Sunday Herald newspaper claimed in their own poll that demand for independence
was just short of 50%. Their poll was based on a random 1,000 people
across the country. Why the rise in nationalist sentiment? Events of recent
times have caused a large section of the electorate in Scotland to
lose faith in Labour.
In Bangladesh politics revolves round
the prices of staple foods. The price of rice in Bangladesh has a correlation with
poverty, economic and political stability. In 2000, a wage labourer could buy
6-7 kg of rice with his daily income (Taka 60 per day, about 43 p). Now, less
than half of that can be bought, even though the income has risen over time. Rising food prices stand out as a problem that, if left
unresolved, could derail all political predictions and spell disaster for the
country in 2008.
Our differences with the SWP are not limited to theoretical questions. They are fundamentally to do with method and approach. They adopt an empirical petit-bourgeois approach to politics, which is the hallmark of the sectarian, which always ends up in a contradictory mess.
As the New Year begins Alan Woods comments on the state of world
affairs, highlighting the impasse facing humanity, a direct consequence of
capitalism in its phase of senile decay. At the root of the present world
turmoil is private property of the means of production, a system based on greed
for profit. In the next period the workers of the world are faced with the task
of removing the system.
The press have carried a number of stories over recent weeks about the
discovery of planets outside of our solar system. But what is the
reality behind these "new earths"? Are we about to "boldly go where no
one has gone before" or is it a bit more complicated than that?
We publish a response from the GMB to an article in the Guardian that implied multinational banana companies in Latin America supported the principle of free collective bargaining. It exposes the collaboration between union tops and companies such as Del Monte, who have carried out a campaign of intimidation against organised workers. The dominance of British supermarkets in the area is identified as a key element in this campaign.
We have just received this extremely important report from
the comrades in Pakistan. It indicates that the assassination of Benazir Bhutto
has had the effect of a catalyst that is impelling the masses onto the
revolutionary road. The situation is now beginning to resemble that of tsarist
Russia after Bloody Sunday in 1905. The Pakistan Marxists of The Struggle
are playing a leading role in the mass movement, as this report clearly shows.
The ‘Respect’ party was initially set up by the Socialist Workers Party and ex-Labour MP George Galloway. They were hoping to capitalise on the success of the anti-war movement and offer a political alternative to New Labour. We predicted at the time that this venture would end in failure. The whole of the last century has been littered with the wreckage of sectarian groups hoping to replace the traditional organisations of the working class.
The Writers Guild of America strike continues in the US, winning
an important victory with the cancellation of the Golden Globe awards show through union solidarity. The strike shows that it is not only industrial workers who are able to organise effectively. How this strike unfolds will have implications for unions throughout the US.