Bankruptcy of Capitalism
The absurdity of paying bankers huge bonuses, one year after the banking
system had all but collapsed, is seen as absurd by everyone except the
bankers. That is because they believe that fmance capitalism is at the core
of the whole system and so the system depends on them.
The argument is made that if bonuses are not paid then bankers will
take their expertise to another bank; and to remain competitive banks have
to pay the market price (ie the bonuses). In other words it is a
feature of the system.
Thus bankers themselves make the best case for the bankruptcy of the
capitalist system.
Quantitative Easing
Les Masters in his article "Quantitative Easing: printing money
to throw at the bankers" explains how the current crisis is actually making
money for the banks and the bankers. As Masters points out the govern-
ment's preferred solution to the banking problem may encourage "the
fmancial institutions to repeat many of the practices that triggered the pre-
vious crash".
Meanwhile there is much talk of the public debt and how we will all have
to pay. That is, all but the bankers. As the bankers get their ludicrous bonuses more people join the dole queue.This is especially true of young
people with some 18% of the 18-24 year age group now unemployed.
Les Masters also points out that we now have 1 million people working
part-time (not through choice) the highest nurnber since figures began to
be recorded in 1992. The figures showing the depth of the personal debt problem in "How ordinary citizens are drowning in debt" are a further indication of who is paying for the capitalist crisis.
James Thomson in his "UK elections are seriously out of favour" argues that
the current situation does not lead to more people voting. On the contrary,
given there is little to choose between the parties, more people will choose not to vote. The turnout at elections in 1950 and 1951 was 80%. It has
declined to some 60% at the last two elections and may be even lower at the
next General Election.
Generally speaking a low turnout favours the Tories and as we saw in the
European elections when the Labour vote stays at home the BNP, without
increasing their vote, can win seats.
The BNP now has access to the mass media. In a situation of rising unemployment, easy scapegoating and understandable cynicism about me main parties, organisations like the BNP may be the main beneficiaries.
Fascism
We have re-produced an article from the German journal, RotFuchs (Red Fox), on the development of German fascism in the 1930s.
The article makes the case that German fascism did not start with the holocaust.
A very well-funded and unremitting campaign has sought to engender the
belief that all victims of Nazism were Jews. In fact many trade unionists,
socialists and communists were early victims of German fascism.
The story of Albert Kuntz related here is one example of this grim history.
Israel is at the centre of perpetuating the myth that it was only Jews who
were victims.
This Zionist propaganda is assisted by those right-wing commentators who are "holocaust deniers".
Israel
When Israel's foreign policy (like their criminal attack on Gaza one year ago) is criticised then the critics are labeled 'anti-Semitic'.
This has been the strategy of Israel's rulers and their allies for a
long time. Labelling critics 'anti-Semitic' provides a smoke-screen for the barbaric acts committed by the Israeli state in its so-called defence.
Tom Berney in his article on Israel describes these attacks on Palestinians
and exposes the contempt shown by the Israeli state for the international
community. Until the USA (and Britain and the West more generally) withdraw support for Israel's aggressive and imperial aims then there will be no peace in the Middle East.
Robert Burns
2009 was the 250th anniversary of the birth of the Scottish poet, Robert
Bums. In this issue we have a special section devoted to Burns.
In January every year Burns Suppers are held throughout the world to celebrate the works of the poet.
At these events it is traditional for a toast to be given to the Immortal Memory of Robert Burns. This toast was
given by Bill Sweeney at the Bums Supper hosted by the South African High Commission in South Africa House, London in 2008 and is reproduced here. In addition there are articles on the songs of Burns and the period during which he lived.
The American Revolution and War of Independence and the French
Revolution happened during his lifetime and these momentous events helped to shape his view of the world as did his upbringing as the son of a
poor tenant farmer.
Robert Burns' poems and songs have a universal and enduring appeal.
