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Millville, NJ WfJ/iIlE/iS ".(;(/'11' 2se No. 500 ~X-523 20 April 1990 Wall Street Shudders After Tokyo Stock Market Crash Japan is supposed to be the ultimate, super-successful capitalist country. But in March and early April the Tokyo stock exchange experienced a meltdown wip­ ing out almost 30 percent of the market value of Japan, Inc. "There is a total loss of confidence, period," exclaimed one se­ curities dealer. "It's an ugly situation," echoed another. "There are no buyers at all. None." Nippon Telegraph and Tele-' phone-the largest corporation in the world-had its stock fall from a peak of $21,000 per share a few years ago to less than $8,000. The Tokyo crash reverberated in finan­ cial capitals from Wall Street to Frank­ furt. The fear is that the Japanese will pull back and sell off their .assets to cover their losses at home. For most of the last decade, Japanese money has propped up the debt-ridden and decaying U.S. economy. Tokyo banks and securi­ ties outfits regularly purchase 30 to 40 percent of new U.S. Treasury bonds. Shigeo Kogure Without this Japanese money, T-bills World's biggest stock market loses almost 30 percent of value in a few months. would be selling at the same interest rates as junk bonds. But now the great Thus at the very moment that the Economic conflicts between American that smoothly as the economic "shock "leveraged buyout" of East Europe, chan­ rulers of world imperialism are proclaim­ and Japanese capitalism continue to treatment" designed for Poland meets neled through the banking houses of ing "the death of Communism" as "the escalate toward full-scale trade war. desperate worker resistance. Frankfurt, is playing havoc with world end of history," capitalism isn't looking Thatcher's Britain is rocked by a popular financial markets. Soaring interest rates so triumphant on its home turf. The crash revolt against the new poll tax. Debt­ The Nikkei and Anschluss in West Germany triggered the Tokyo of the biggest stock market in the world burdened Latin America is an economic In the mid-1980s the United States crash and are widening the massive U.S. came less than three years after the Wall disaster area. And the "transition" to became the world's biggest debtor nation budget deficit. Street crash. capitalism in East Europe is not going all continued on page 10 Emboldened by Gorbachev's· Ap-~easement .Bush Taruets Cuba The United States has been waving the Big Stick in the Caribbean a lot these days. Invading Panama, kidnap­ ping the head of state and installing a puppet regime. Buying the Nicaraguan elections by exploiting the hunger of a war-weary population, ground down by years of economic embargo and contra war imposed by the U.S. Proposing a naval blockade of Colombia to "inter­ dict drugs." And, testing just how far the Kremlin under Gorbachev is willing to appease them, the rulers in Washing­ .to-n have sharply escalated their provo- cations against Cuba. In imperialist eyes, the survival of the only successful anti-capitalist revolutionin the Western Hemisphere is an intolerable challenge to their dominance of the region. In a blatant act of international pira­ cy in the Gulf of Mexico, on January 30 the U.S. Coast Guard attacked an continued on page 7 U.S. Marines at Guantanamo military base in Cuba. Interracial-Basketball Team Sues, Jury. Awards $76 M Brooklyn Flames Slam Dunk NYPD Bensonhurst. Howard Beach. Graves­ next year, when we got a black kid end. After the lynch mob murders of on the team-you know, three black Yusuf Hawkins, Michae'l Griffith and kids on the team, and all of a sudden all the racial problems started. Well, you Willie Turks, the names of these white know, now I was in the middle of a fight, ethnic enclaves have come to symbolize and I realized it was a fight worth racist terror in "Up South" New York. If fighting." you are black, and you stop for a bagel -CBS-TV, 60 Minutes or a slice of pizza in one of these neigh­ James (l October 1989) borhoods, or one of countless others like Rampersant Father Vincent Termine let the Flames them in every borough of the city, you (left) and use the gym at the Church of the Most are literally risking your life. Yet despite Gerard Papa Precious Blood as their home court. In an all the race-hate whipped up by the likes were savagely interview with WV, Gerard Papa recalled of ex-mayor Ed Koch and the terror beaten by the the '77-'78 season. "When you went to New York an away game, you'd literally plan ahead routinely meted out to blacks and His­ police. panics by the NYPD, there remain princi­ of time how you were going to go, where pled men and women in this city who are you were going to leave the kids, where committed, sometimes at great personal the car was going to be when you came cost, to justice and simple decency. For shooting the breeze in Papa's Lincoln as When Gerard Papa saw uniformed out, how you could get out of the gym example, the Flames, an interracial com­ they turned onto one-way Bayview Ave­ cops he thought he was going to be res­ into the car so that you would get out of munity basketball league in Brooklyn. nue in Coney Island. Suddenly the head­ cued. Instead he was dragged from the this all in one piece." But Papa and the On March 7 a New York State Su­ lights of an oncoming car were in their car, kicked,' beaten and had his head Flames persevered. That same season preme Court jury awarded $76.1 million eyes. Papa tried to back up, hitting an­ smashed on the pavement. Papa received they won the league championship for to the Flames' head coach, Gerard Papa, other car which had boxed him in from a concussion, broken ribs and other in­ their age group for all of Brooklyn and 36, from Bensonhurst, who is white, and behind. Then two men with drawn guns juries. Rampersant's beating left him Queens, an event Papa described as "like James Rampersant, 27, a black friend, for left the front car and started shooting. with a concussion. Neither man was tak­ going to the World Series as an expan­ damages suffered on the night of 12 Thinking they had been caught in the en to the hospital. Papa and Rampersant sion team." Today the Flames have March 1986, when the two men were middle of a gang war Papa ducked down were then charged with attempted murder grown to 30 teams and some 200 kids, shot at and then savagely beaten by five and hit the gas. Witnesses called 911. of a police officer, assault, reckless roughly 60 percent black, from some of white NYC cops. This is apparently the The tape of the call was later played on endangerment and criminal mischief. the toughest parts of Brooklyn. largest police brutality settlement ever in TV: "There are guys out here in cars, They spent two days in jail waiting to be . In 1979 Papa began seeking city fund­ New York State. and they're shooting like-it's the OK arraigned. The charges against them were ing for the Flames, and over the next few The incident began just before mid­ Corral. Get somebody out here now!" eventually dropped but the two are lucky years some money did come in. Then he night when they were driving home, But the cops were already there. to be alive. The cops, who claim they tumbled onto misuse of funds: hundreds saw a weapon (there was none), could of thousands of dollars disappearing into easily have blown them away "within nonexistent programs and no-show jobs. police guidelines." , When Papa blew the whistle, funds were May Day: The cops' story, that five of them, in cut off to some phony groups and some For Proletarian Internationalism two unmarked cars, were searching for were closed down. But in retaliation, a thief who stole $10 and a cheap ring the Flames funding was eliminated too. This year marks the 1DOth anniversary of from a black prostitute six days earlier, Within 18 months every bit was gone, May Day, the worldwide workers' holiday was absurd on the face of it and the six apart from a $20,000 grant from the City proclaimed by the Socialist International in jurors, all non-whites, wouldn't buy it. In Youth Bureau, and that was cut off fol­ 1890 to commemorate the frame-up and exe­ interviews after the trial none of the lowing Papa's arrest. Today, the league cution offour American labor radicals, three jurors would give their names for fear of runs on the support of local merchants. ofthem German immigrants, in Chicago three police retribution. One said, "It's a bla­ But with the local pols as well as with years earlier. Writing on the eve of the first tant disregard for human life. The offi­ the cops, the head coach of the Flames imperialist world war, Rosa Luxemburg saw cers came here, and they didn't show was a marked man. TROTSKY May Day above all as a struggle against the LENIN remorse. And, quite frankly, they scared For a year after the beating, the Brook­ war-driven and exploitative capitalist system. us" (New York Times, 8 March). The lyn D.A., liberal Liz Holtzman, took no In Kaiser Wilhelm's Germany, the celebration of May Day was an important act of cops said it was all a case of mistaken action against the cops.
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