Letter from Darrall Cozens, Coventry
Hunt has just reversed almost everything that Truss/Kwarteng had announced in the mini budget a few weeks ago. For me the most important points that Hunt made were firstly that no government can control the markets and secondly that the government’s job is to create stability so that the markets can function.
But what are the markets? They are not abstract entities. They are human beings sitting behind computers betting with investors’ money to make as much profit as possible for the rich, the capitalists. For example, hedge funds supported the mini budget but still betted against the £ to make profits.
What does this teach us? The only way to control the markets is by taking into public ownership the major monopolies, banks and insurance companies so that the wealth created by labour is owned and controlled by labour for the benefit of all and not the few. That means abolishing capitalism and creating a new society, socialism. Hunt’s statement is an utter condemnation of capitalism, a system that he supports.
