Tue 10 Mar 2020, 06:01 AM | Posted by editor
LETTER from Tom Smith, Newport West Labour Party
Well, the world economic downturn is with us. However, the mass of people are unaware of the possible economic time-bomb that threatens us all. The fall in the value of shares is an indicator of the future, with the fall in oil prices and northern Italy spelling out the reality. Am I wrong!?
Of course a world economic downturn is inevitable. The virus has merely speeded up the process. It reminds me of the oil crisis in the seventies and Ted Grant’s booklet Will There be a Slump. I remember Ted saying that world growth was continuing but at a slower rate than before. Well, we are truly in these circumstances again, with the capitalist having no instruments left to solve the problem. Zombie firms will be exposed, kept alive by give-away low interest rates, which have no meaning if those firms suffer falling sales.
Yet there is not an iota of response from Labour. At this time, I am trying to find a compact economic analysis to place before workers. I wish I studied more, but I am convinced the harshest future faces us all.
Yapping in the pub about all this, one worker asked another, “can governments find the answer?” One argued that we all should buy tents for when those paying mortgages lose their jobs!
