As ratings
agency Moody’s considers the possibility of cutting the US AAA debt
rating, concerned that the US could default on its debt obligations, we
publish a recent editorial statement of the US Socialist Appeal on the
forthcoming wave of massive cuts in public spending in the United
States. As the article points out, “the capitalists must impose a new
normality on the U.S. working class. The crisis of their system means
that small cuts or adjustments are no longer enough. The hatchet is out
now…”

In spite of a
massive mobilisation of the workers and youth, a movement of
revolutionary dimensions, the PASOK government managed to push through
parliament its austerity measures. This comes at a price, however, for
now the masses have had a taste of their own strength and have been
deeply politicised. The Greek Marxists of Marxisti Foni and Revolution provide here a balance sheet of the situation.

Friday 8^th
July saw the largest protests since the departure of Hosni Mubarak as
tens of thousands took to the streets of Cairo, and thousands more came
out to protest in other cities across Egypt, such as Alexandria and
Suez. Material conditions have not improved for the workers and youth of
Egypt, and Tahrir Square has once again become a visible epicentre of
the revolution.

The
authors of this article visited Egypt last month to see the state of
the country after the fall of Mubarak and to get a first hand view of
the revolution. What they saw was a society still fraught with
contradictions that were barely concealed. All these contradictions have
now burst to the surface once more.