New Labour is the bastard child of
Thatcherism. Blair, Brown and Mandelson inherited from the evil witch the
belief that the market (capitalism) was god and that the rich are the wealth
creators we must all bow down to.

As Marxists know, and as the present crisis
has shown, this is the opposite of the truth. But this has been the foundation
of all the policies carried out by New Labour over the past years.

For over a century Marxists have argued the need to take the banks and
other financial institutions into public ownership as part of the
socialist transformation of society. The founding document of
scientific socialism, the ‘Communist Manifesto’, in 1848 called for,
"Centralisation of credit in the hands of the state, by means of a
national bank with state capital and an exclusive monopoly."

Last
month we reported how insurance giant AIG had to be bailed out by the US
government for $85bn. It’s all part of ‘Socialism for the rich, capitalism for
the poor.’

Less than a week after the bailout, the company held a week-long retreat for
its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running
up a bill of $440,000,

At the opening of a House committee hearing about the near-failure of the
insurance giant, Congressman Henry Waxman showed a photograph of the resort.
Waxman said the executives spent $200,000 for rooms, $150,000 for meals and
$23,000 for the spa.