[Fwd: Get rid of bankrupt capitalism – forw ard to socialism]

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Subject: Get rid of bankrupt capitalism – forward to socialism
Date: Tue, 10 Mar 2009 04:19:24 -0700 (PDT)
From: rab <rogeralanblackwell at yahoo.co.uk>
Organization: http://groups.google.com
Newsgroups: alt.politics.socialism.trotsky

The News Line: Editorial

Tuesday, 10 March 2009

Get rid of bankrupt capitalism – forward to socialism

EVERYWHERE capitalism is crashing! Yesterday the FTSE 100 index fell
to 3472.68 points making a 50 per cent crash from the FTSE’s high
point of two years ago. Over £700bn has been lopped off of share
prices.

On Friday night the Dow Jones index was at 6626 points. This marks a
50 per cent plus fall from the exchange’s high point.

In the US, commercial unemployment in February increased by 655,000,
an unemployment rate of 8.1 per cent (not counting agriculture), with
12.5 million unemployed and the army of jobless likely to reach 20
million by the end of the year. In fact US production fell in the last
quarter by 6.1 per cent.

In Britain the banks are crashing after the government guaranteed over
£600bn of toxic bank debt, while the pound is down almost three cents
at $1.3778.

Against the euro, the pound was down one-and-a-half cents at 1.098
euros. A collapsing pound is causing a massive inflation in the price
of all imported commodities, especially food.

The Bank of England’s programme of quantitative easing, that is
printing £150bn to begin with, to hand over to the banks, is putting
further downward pressure on sterling and upward pressure on
inflation, and will end with the collapse of sterling, Zimbabwe
style.

1.97 million people in the UK are unemployed. The prediction is that
unemployment will reach 3.2 million – 10 per cent of the workforce –
by the middle of 2010.

The British Chambers of Commerce (BCC), is already demanding the end
of the minimum wage.

Meanwhile, Japan’s current account recorded its largest deficit on
record in January, reaching 172.8bn yen ($1.8bn; £1.2bn).

Exports in January dropped a record 46.3 per cent from a year earlier
to 3.28 trillion yen, the fourth consecutive month of year-on-year
declines, with exports to the US hardest hit, registering a 52.9 per
cent drop.

Car exports alone dropped 66.1 per cent, with semiconductor and
electronic parts exports down 52.8 per cent.

After the collapse of the US and Japanese economies the prospects for
UK capitalism are grim indeed.

The only hope for the ruling class is to heap the whole burden of its
crisis onto the working class and the middle class, at the same time
as it is helping itself to billions from the public purse.

The biggest allies of the ruling class, and the Brown government which
is managing the affairs of the ruling class, is the trade union
bureaucracy.

The leaders of Unite, the GMB and Unison, the major trade unions, are
financing the Brown government and refusing to demand or fight for the
nationalisation of the banks and the major industries under workers
control, to put an end to capitalism, which is the only way to defend
workers jobs.

Instead they are telling workers that the only way to defend jobs is
to accept huge wage cuts and hours cuts and anything else that the
boss wants to impose.

They are helping the bosses soften up the working class for mass
unemployment, by telling workers that if they accept this policy ‘when
the recovery takes place’ they will get their full jobs back.

This is nonsense. The nineteen thirties’ crisis led to slump trade
war, fascism and then world war.
This present crisis is heading in the same way, unless capitalism is
got rid of.

Bankrupt capitalism is in its death agony and must be replaced
worldwide with socialism.

Union leaders that work for the bosses must be sacked. There must be a
new leadership.

Every job and industry must be defended with occupations and a mass
struggle to achieve their nationalisation.

The Brown government must be brought down with a general strike and a
workers government brought in that will carry out a socialist
revolution. This is the way forward!

http://www.wrp.org.uk/news/4051

http://www.revolutionarybooks.co.uk/index.htm

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