THE WORKERS OF ALL COUNTRIES, UNITE! NEWNo 1478 Week commencing 21 March 2008 Weekly paperWORKER of the New Communist Party of Britain 60p CAPITALIST CHAOS by Daphne Liddle These measures were England’s Monetary foreclosures and repos- fectly clearly and showed less than the banks had Policy Committee had met sessions and falling prop- that capitalism is inherently THE WORLD of high finance rocked and been asking for, but by and voted by seven to two erty prices – digging capi- unstable. Booms and busts reeled last week after Bear Stearns, one of Tuesday they seemed to not to cut interest rates be- talism into a deeper hole. are inevitable. America’s biggest investment banks, col- have done the trick. Stock cause of fears of inflation. If the capitalists raise The capitalists have lapsed and was bought out by rival JP Mor- markets around the world Rates had already been interest rates fewer people staved off recession for a gan for $2-a-share – shares that had been val- rose again, dramatically, cut from 5.5 to 5.25 per will be able to buy, lead- couple of decades now on ued at $62 a few days before and over $150 a recovering nearly all of cent in February. ing to a drying up of mar- the basis of promoting per- few months ago. what had been lost. The capitalists are in an kets. Debt repayments will sonal debt, getting work- impossible position. If they rise, driving more workers ers to spend their future Once again the sub- In London the Gov- tumbling cut interest rates it will al- over the edge into collapse. earnings to keep the mar- prime lending crisis was at ernment put up some £10 low some people to bor- Again, property prices will kets going. But this had to the root of the crash, with billion to underwrite bank- Wednesday they row and spend and keep tumble. crash in the end. the epidemic of foreclo- ing debts – this on top of started tumbling again and the markets active. But that The capitalists will lose sures of mortgages the billions it has already there were accusations will quickly add to the al- pundits the value of their property, spreading from working pledged to bail out North- that some traders were ready huge personal debt their stocks and their class borrowers to the ern Rock, which it even- not playing by the book but problem, with its long The newspapers are full shares. The workers will middle classes. tually had to nationalise to were deliberately circulat- hours culture leading to ex- of finance pundits saying lose their jobs, their homes Across the United save it from collapse. ing false rumours that cer- hausted, stressed and they can’t understand how and in some cases their States people who a few And in Washington tain banks were in trouble burnt out workers – who this is happening, what has minds. They will also lose months ago felt safe and they wheeled out fading in order to make profits will collapse economically, caused it all and what can all illusions about the capi- secure in their homes and President Bush to make a from sharply falling and ris- physically and mentally – be done about it. talist system. Our job is to jobs can no longer keep up reassuring speech, which ing shares. Police investi- and be unable to repay the Karl Marx, who died help them rediscover their with rising debt payments, basically boiled down to: gations were threatened. debts. exactly 125 years ago this fighting spirit. are losing their homes and “Don’t panic!” By midday the Bank of That will lead to more week, explained it all per- being forced to join the growing tent cities that are springing up outside major American cities. For them FUND the American dream has turned into a living night- Bush’s empty words mask defeat Our fund this week mare. is down again after last The collapse of Bear by our Arab Affairs week’s very good total – Sterns sent shock waves Correspondent just £252.50. This around the stock markets brings our March total of the world, wiping bil- PROTESTS and demonstra- so far to £2,025.50 and tions around the world leaves £974.50 to raise lions off of stocks and marked the fifth anniversary to meet our £3,000 shares. The FTSE 100 top of the occupation of Iraq that monthly target. shares index fell more than George W Bush upholds as We thank an Epsom a “victory” to an increasingly comrade for £15, a 200 points – around four Carlisle friend for two per cent of the total. The sceptical American public. Speaking at the Pentagon gifts totalling £9 and a Japanese Nikkei fell 3.7 Bush claimed the United Manchester supporter per cent, the German Dax States and the world were for £5. We also thank 4.2 per cent and the “safer” after the invasion our Cumbrian bees for French CAC 3.5 per cent. and that his “surge” offen- the regular £10, sive had succeeded in pro- Southall NCP for £10 Investors around the moting stability in the occu- and another friend for world were mainly dump- pied Arab country. £3.50. ing shares in banks; in Brit- But words have a differ- All the rest came ain the Royal Bank of ent meaning in Iraq these from bankers’ orders days, like “stability” which and we thank the stal- Scotland shares fell 8.7 per simply means that the level wart comrades who give cent, Barclay’s lost 9.4 per of resistance attacks on regularly in this way. cent and HSBC nearly 13 American forces, which Stocks and shares per cent. peaked last year, has gone have been going up and The dollar fell to a down because some of the down like yo-yos this militias are on ceasefire and week and some capital- record low against the other Sunni forces have tem- ists have been losing for- euro and the pound also porarily aligned themselves tunes. We never had any with the occupation. But when fell. American tourists in • Anti war protest in Seoul, south Korea. fortunes or stocks and Europe complained that Bush’s deputy, Dick Cheney, shares to lose and when no one would take their touched down in Baghdad for the capitalists complain unannounced talks with his effort to flush out their where- imperialist standards be de- The International Com- they have been ruined worthless dollars any commanders and puppet abouts. scribed as a “failed state” if it mittee of the Red Cross they are still far better more. leaders in Iraq he was Two partisans breached wasn’t for the fact that it’s oc- warned on Monday that the off than we are. The US and British greeted with the usual rock- the prison security and freed cupied by US imperialism. humanitarian situation in Iraq We depend on con- eting of the “Green Zone”. the prisoners after a battle After five years of trying to con- remains among the most tributions from readers governments, who have While the US vice-president that left two wardens and four ceal the truth from national critical in the world. More than vaunted their belief in the and supporters and we talked about the “phenom- security officers dead. The and world public opinion, 27 million Iraqis have no func- know you are not wealthy power of the free market, enal” and “spectacular” im- partisans and 22 freed pris- Washington is persisting in tioning water or sanitation fa- either. But the capital- unchecked capitalism and provement recorded in the oners returned safely to base. camouflaging the failure of its cilities. The Red Cross says ists are not going to fund country since his last visit in American casualties in war on and occupation of Iraq. Iraq’s health care system is us. Fighting capitalism derided state intervention May 2007, Kerbala – some in the market as backdoor Iraq are on the rise again, a Amnesty International now in its worse shape ever. is a way of life that re- 110 km south of the capital – pattern that has been re- says the current human Unemployment is run- quires dedication and socialism, suddenly started was rocked by the biggest peated over and over as re- rights situation in Iraq is “di- ning at 60 to 70 per cent ac- real sacrifice but it’s a intervening like mad. bomb blast it’s seen for a year. sistance fighters relocate, sastrous”. In a new report, cording to the puppet govern- war worth fighting. And The US Federal Re- Earlier last week resis- reorganise and re-engage Amnesty said: “Hundreds of ment in Baghdad. This is tance fighters carried out a this week the cracks in American targets with con- people are being killed every nearly twice what it was in the the enemy’s edifice are serve cut interest rates by bold attack to liberate young centrated attacks. The war month in the pervasive vio- period of the sanctions in the three-quarters of a per captives being held at a pup- has cost the United States lence, while countless lives 1990s. Public services like showing. pet regime juvenile facility in more than $400 billion, mak- are threatened every day by water and electricity have yet Help us fight on by cent – the second cut sending whatever you within a few weeks and the Baghdad. The operation had ing it the most expensive con- poverty, cuts to power and to be fully restored, despite been four months in plan- flict in history.