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The housing tsunami

The housing tsunami

Britain’s second-largest bank, the Royal Bank of
Scotland, which owns NatWest and has recently bought Holland’s largest bank
ABN-Amro, has announced that it lost £4bn in the last three months as a result
of the world’s great credit crunch. RBS says that it must write off £5bn in
loans and debt securities that it had on its books as worthless. And it now must ask existing shareholders to
stump up more money – as much as £10bn – to buy new shares in the bank so it
does not go bust.

New Labour meltdown

New Labour meltdown

The Tory victories in the local elections on May 1st
mean that the Conservatives will almost certainly go on to win the next general
election and form the next government. Theoretically the Labour leadership
could turn the situation round, but they seem incapable of changing their
disastrous course. New Labour is in meltdown.

Islands of Prosperity?

Islands of Prosperity?

Iceland and Ireland had some of the highest GDP rates in Europe over a 15 year boom: so-called “Nordic and Celtic tigers.” Both diversified into software, biotechnology and financial services, and a property boom, but Iceland built up a trade deficit of 16% of GDP in 2007 (U.S was 5%, Spain 10%); all unsustainable. Now the boom`s over, Iceland faces a currency collapse and attacks by speculators, as the Krona has lost 36% against the Euro in 2008 alone (April), inflation is over 5%, housing`s unsold, central bank interest rates are over 15%, and private debt is astronomical. The problems […]

Audio File: Lenin – The man and his ideas – are they relevant today?

Audio File: Lenin – The man and his ideas – are they relevant today?

Lenin is probably the most slandered individual of the 20th century. As
leader of the Russian Revolution of 1917, he has been attacked by
bourgeois academics, Tory, Labour and Liberal politicians as well as
Establishment figures internationally. His ideas have been distorted
and twisted. His actions have been vilified. So what did Lenin
really stand for? And are his ideas still relevant today? 

Latin American Contingent at May Day 2008

Latin American Contingent at May Day 2008

A
thousand people gathered in London on Thursday’s 2008 May Day to march through
the streets of the capital in celebration of International Workers’ Day. In
light of recent and threatening developments in Bolivia, different campaigns came together
to organise a joint meeting after the demonstration. The
energy and enthusiasm of the meeting boldly reflected the impact that Latin
American revolutions are having on people here in Britain demonstrating that the May Day spirit
is very much alive and kicking.

China: The long march to modernization

China: The long march to modernization

On 4th May 1919 Chinese people marched to end backwardness in China and
humiliation by the imperialist powers. They were led by Chen Duxiu. Chen realised that the modernisation of China could only be carried out by
the working class and founded the Chinese Communist Party in 1921. For a
hundred years the Chinese have engeged on the long and tortuous march to
modernisation.

“Hot Spring” in Europe?

“Hot Spring” in Europe?

Present-day economic
conditions demand that the working class fight back. The interests of the
ruling class and the working class are irreconcilable. The bourgeois are
screaming, "more cuts, more cuts" and the workers shout back
"Enough is enough". The stage has been set for a "Hot
Spring" in Europe.

Capitalism means starvation

Capitalism means starvation

“While many are worrying about filling their gas tanks, many
others around the world are struggling to fill their stomachs,” says Robert Zoellick, head of the World Bank. We are
confronted with actual starvation. He warns that the present food crisis will
give us “seven lost years.” It means “lost learning potential for
children…stunted intellectual and physical growth.” His colleague at the IMF,
Dominique Strauss Kahn, concurs. He foresees that “hundreds of thousands of
people will be starving.”

British Perspectives 2008

British Perspectives 2008

This is the final draft of the British Perspectives document worked out and voted on by the comrades of the British section of the International Marxist Tendency at their National Conference in April of this year.

Ineos at Grangemouth – what are they up to?

Ineos at Grangemouth – what are they up to?

The Grangemouth strikers are now back at work. They know
they may have to walk out again if management stick with their plan to trash
the company pension scheme. What’s their problem? Ineos is 75% owned by Jim Ratcliffe. Listed as the 25th richest person in the
land, his fortune is reckoned at £2,300 million. The ‘Sunday
Times’ thinks he was worth £3,300 million in 2007. He’s dropped a billion, poor
old soul. That must explain why he wants to nick the workers’ pension pot.

Britain hit by biggest wave of strikes in decade

Britain hit by biggest wave of strikes in decade

On Thursday April 24th teachers, lecturers and
public sector workers staged a one-day strike. Teachers were out on official strike
for the first time for 21 years. They were joined by Further Education (FE)
lecturers organised in UCU and public sector workers from the PCS union who are
faced with a government imposed 2% pay rise limit. At last workers in the
public sector were taking organised, coordinated and united strike action
against pay offers that represent a cut in their standard of living.

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