Thu 26 Mar 2020, 08:43 AM | Posted by editor
LETTER from Tom Smith, Newport West Labour Party
Capitalism is on trial. Boris promises emancipation in 12 weeks. This is utter rubbish. World debt has increased to 250 trillion dollars and is increasing every day. This represents three times world GDP. Most workers I have met cannot yet comprehend this staggering figure.
World news is revealing not only the impact on economies but the worry and anger of workers all over the world. In 2008, China saved world capitalism from a devastating slump. Experts think it doubled its debt, which stands at over 300% of its entire economy. As it congratulates itself on having no new cases of virus, there is the little problem of getting the economy back on track.
The trouble is that the lock-down makes it impossible to export any goods. Europe and America are in no position to trade anywhere near pre-crisis levels. The situation is moving from capitalism enjoying a three-course meal to sharing a bag of crisps.
The Tory government is under enormous pressure. Even some Tory MPs are piling in on Boris to offer wage subsidies, make Universal Credit payments in advance and increasing sick pay. Workers in the gig economy and the self-employed are facing uncertainty regarding any income at all. Of course we will wait and see. Meanwhile, the leisure and hospitality sectors are dealing with a demand that is non-existent and the aircraft industry is flat on its back.
We must open up a set of demands on wages, sick pay, mortgages and rents that goes on beyond 12 weeks. We have to patiently explain that this system offers no future to millions of workers. Left Horizons has covered all this in a whole series of editorials.
Boris is living in cloud nine. Britain cannot even negotiate a trade deal with Europe and still threatens a Brexit with no deal at all. We can trade with the rest of the world, he might think. However, the world Is heading for a slump unless the experts can find a solution.
A cynic summed it up to me…he wanted to die early and get to heaven before the Tories privatised it.
