World Economy in Crisis: Who Pays the Price and How Can We Resist. London Wed 22nd April

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JoeMaguire's picture
Joined: 26-09-03
Apr 15 2009 21:21
World Economy in Crisis: Who Pays the Price and How Can We Resist. London Wed 22nd April

World Economy in Crisis:Who Pays the Price?
And How Can We Resist?

Wednesday 22nd April – 7pm

Calthorpe Arms
252 Grays Inn Road WC1
Nearest tube: Kings Cross or Chancery Lane

& SOLIDARITY FEDERATION (North East & South London SF)

The world economy is entering a deep recession, and it’s even more serious in
Britain than in other parts of the world. The IMF is predicting that the recession will
last longer in the UK than in any of the world’s other large economies. The effects
are already being felt, and the working class are bearing the brunt as usual.
Economists and politicians like to use a lot of jargon, to make out that economic
problems are so complicated that ordinary people can’t understand them. But the
truth is the bankers and politicians themselves don’t really understand how capitalism
works. That’s why they never saw this recession coming. And that’s why their
so-called solutions to the crisis aren’t working.

The government’s massive bank bailout was supposed to “rescue” the economy. But
there have been no tangible results for ordinary people, despite the fact that it was
our money in the first place. The bailout plan was a ridiculous idea in any case.
They gave our money to the banks to get the economy moving again by making the
banks more willing to lend to individuals and businesses. But if we are losing our
jobs, getting our houses repossessed or having our wages frozen, why are we going
to be stupid enough to start borrowing money and getting into more debt? It’s absurd!

Now the public is angry that bankers are using the bailout money to pay
themselves fat bonuses and million-pound pensions. The government has been
quick to jump on the bandwagon, denouncing Sir Fred Goodwin and his ilk as
“greedy” and “unacceptable”, and promising to curb such “excesses” in the future.
Meanwhile the Bank of England is placing its hopes in something called “quantitative
easing” – which sounds very fancy and sophisticated, but is basically just the Bank of
England pretending to suddenly have more money by writing itself a big IOU!

G20 leaders have been talking about something they call “new capitalism” – which is
just the same “old” capitalism with some tighter regulation for financial markets. But
the real cause of this crisis was not just the greed of bankers or financial traders who
have been “abusing” the system to make themselves rich at our expense. The
cause of this crisis was the capitalist system itself. The whole point of capitalism
is that it is a brilliant way for a few to make their profits at the expense of the rest of
us. The boom-and-bust cycle is a normal part of the system. In the boom, it’s the
rich who profit; in the bust, it’s the working class who suffer.

Politicians and bosses want to keep the capitalist system going at any expense – at
our expense – because they’re the ones who are still doing well out of it. But that
means enduring a recession which the capitalists themselves have already admitted
is going to last for years. That’s years of job losses, wage cuts, house
repossessions and ruined lives that working class people just can’t afford.

We have to take action to defend ourselves and our communities from the
devastation. The way to do that is not to “rescue” the capitalist economy, but to
replace it altogether. To build a society organised around human needs and desires,
not money – a society based on co-operation and solidarity, not the profit motive.
That’s what anarchism is all about, and that’s why we believe that anarchism can
provide the only real lasting solution to the economic crisis. Come and join in
our discussion about why anarchism is necessary and how we can make it happen.

JoeMaguire's picture
Joined: 26-09-03
Apr 21 2009 23:29