AJLPP Article

World Wide Capitalist Crisis

(Part 2)

We expect more of the use of cheap labour in the less developed countries like China and India in order to produce cheap raw materials and semi-manufactured consumer products for the imperialist countries and thereby maximize imperialist profits.

In fact the US capitalist are hell bent on transferring high paying industries to the third world and even already cheap service industries like call centers and car assemblies and other production lines in a vain attempt to cut jobs, paying insurances and other workers benefits that the people are demanding in the face of the capitalist made crisis.

As the recent accelerated accumulation and centralization of productive and finance capital in the hands of the monopoly bourgeoisie escalates we will seem more financialization of the home economies of the US and other imperialist powers, with the financial corporations rapidly increasing their share of corporate profits.

The US-Bush clique have bailed out oil, insurance and banking corporations at the expense of the American workers. We condemn the Bush administration’s unbridled use of debt financing for consumption in order to conjure the illusion of economic growth.This is to cover trade deficits and budgetary deficits, to fuel corporate speculation in stock and bond issuances, mergers and derivatives, to allow unregulated money creation and debt expansion by commercial and investment banks.

The global spread of poisoned securities backed by bad mortgages; and The continuing accumulation and concentration of capital in the hands of the strongest corporate giants. Despite so much propaganda to the contrary, free competition does not reign under modern capitalism. In fact, the capitalists have been driven by the logic of the capitalist system, the insistent drive to increase profits, to concentrate production more and more.

The man-made crisis is aimed to stimulate financial bubbles like the mortgage scam in the US and elsewhere and debt-based consumption by households amidst industrial decline and decreasing employment in the US and other imperialist countries. Even the European Union (EU) will bailout their own banking system at the tune of 80 B Euros.

We condemn the capitalist use of public funds as well as people's savings deposits and pension funds to bail out the bankrupted mortgage banks, commercial and investment banks and insurance companies involved in the massive mortgage fraud in the US.

Industry and finance is increasingly dominated by a few corporate behemoths with subsidiaries and divisions at many different levels of production and distribution. Wal-Mart, McDonalds, Nestlé and Ford are just a few examples. Old names like the Calfed Bank have been acquired by Citibank. Citibank in turn was acquired by the UAE. Wamu was swallowed by Wells Fargo. And the roll call goes on.

Even the biggest industrial corporations are not at the top of the economic food web. Those who control the capital, the banks, dominate. When we speak about banks in this sense, we do not mean only the individual credit union or local bank, but the large institutions of finance whose names adorn recent newspaper headlines.It bring backs the memories of S and L Keating scandal in 1994 where republican candidate Senator John MCain was implicated.

Time to fight back

We see the redeployment of finance capital in food, fuel and minerals causing a new bubble in prime commodities and generating inflation and price gouging at the expense of the broad masses of the people amidst depression and rampant unemployment. The most affected are the lowly workers and the immigrants who are now subject of the backlash and the scapegoating.

As usual. the crisis of the imperialist system keeps on worsening, as the imperialist powers and all reactionary forces strive to preserve the moribund system of oppression and exploitation. The options for war and intervention is becoming more blatant. These will result to extreme reaction and fan the flames of chauvinism, racism, religious bigotry, fascism, military intervention and wars of aggression.

Under these conditions, the suffering and the fighting people everywhere are increasingly compelled to fight for their democratic rights and for total national, social liberation and true just and lasting peace.

The AJLPP is committed to fight for the working people's interests. We have to defend all immigrants who are economic refugees in America out to make a living and find greener pastures. They are objects of racism and discrimination and the backlash of the capitalist crisis.

We have no choice but to unite with all working people to fight for jobs, decent wages, better living conditions and freedom to live in peace. This will be our fighting task and responsibility. To struggle for a just and lasting peace and a new social order for mankind.

The capitalist are using the crisis for their opportunity to further their exploitation and oppression of the people. We must the crisis for our opportunity to fight back and change the system. To fight for genuine systemic change.