On Saturday 27th November 2010, Worcester Trades
Union Council chair Steve Martin welcomed over 40 trade union and political
activists to the conference called by the Trades Council to seek a co-ordinate
campaign of resistance to the Coalition plans to cut public expenditure.
After weeks of dancing the seven veils,
trying to hide what they were up to, the government, the EU and the IMF
announced on prime time television today (Sunday)that they have signed up to an €85 billion bailout. The money which has 5.8% interest rate attached to it will go to recapitalise the banks( €10bn); fund the budget (€50bn) and deal with “banking contingencies” (€25bn). So in other words the whole lot is going to bail out the banks and keep the government finances going.
John Swinney’s launch of the Scottish budget went down like a damp squib
as the Nationalist government attempts to balance its way between the
cuts from Westminster and the increasingly unpopular administration’s
electoral prospects in May. The Finance Minister announced a raft of
cuts, “efficiency savings” and real wage cuts.
The buzz word is “contagion”, the fear that
the financial crisis will spread. With the Irish economy on the brink of
collapse, the government has been forced to introduce even more
draconian cuts
to the tune of £20bn to pave the way for an EU/IMF bail-out package. All
eyes
are now turning to Portugal and even Spain as the speculators move from
one
country to another.
IRELAND: The four year plan has been announced, the
cuts have been declared and the working class, particularly the poorest
sections,
are in the firing line once again.
The student movement accross Britain continued on Wednesday
24th November, with thousands of students and school students
demonstrating in cities
and towns across the country. Following on from the 50,000 strong
national
demonstration in London on the 10th November, an equivalent
number
came out to protest against the cuts, but this time in dozens of
separate
events throughout Britain.
At least 2,000 university,
FE and school students, together
with college trade unions, marched through Liverpool as part of
the national day of action against Tuition Fees.
News that
the Coalition are in discussions with the EU and IMF won’t come as a
shock. Reports have been circulating for days now that the EU and the
Finance Ministry have been locked in discussions and some have even
claimed that the IMF have been briefing the heavyweight financial
bourgeois press internationally in an attempt to pressurise the
coalition and the opposition parties into seeking a deal.
In ancient Rome, when things got a bit tricky, the Emperor would splash
out on a series of games complete with gladiators, mock battles, lions
eating Christians and other fun for all the family, The idea was to
distract people from the realities of life and keep them happy – at
least until the Goths arrived for their annual bout of pillaging,
sacking and raping. Nowadays, such carnage is not possible – even on X Factor. So we have the next best thing, yet another royal wedding.
IRELAND: The Soldiers of Destiny are floundering out to sea far from
the coast of Donegal; or at least they don’t seem to be in the same
place as the voters. A report in the Irish Times today
quotes a RedC poll carried out on behalf of Paddy Power which indicates
that FF support in Donegal South West has collapsed from 51% to around
19% since 2007.
The biggest crash in the history of
capitalism in 2008 has created a new “normality” across the planet. This
has led to vicious cuts and severe attacks upon the workers in most
countries. The welfare states in Europe and elsewhere are being
aggressively dismantled. After the failure of Keynesianism the
neo-liberal model of capitalism, known as trickle-down economics,
Thatcherism or Reaganomics, has been an even bigger disaster.