Central Bankers Are Condemned As ‘Useful Idiots’! Bosses Propagandist Borrows Lenin’s Phrase


PRESIDENT Trump has described the new ‘utopia’ that the UK faces once it breaks with the EU, and the UK ruling class switches its adherence from the ongoing attempt to build the EU into the major imperialist power, to the USA.

Speaking to reporters after the working breakfast, Trump said a deal with the UK would happen ‘quickly’. ‘We’re going to do a very big trade deal, bigger than we’ve ever had with the UK,’ he said. ‘And now at some point they won’t have the obstacle, they won’t have the anchor around their ankle, because that’s what they have.’

At the breakfast, Johnson, not wanting to be Trump’s 100 per cent poodle, put on a show of resistance, saying: ‘Talking of the anchor, Donald, what we want is for our ships to take freight, say, from New York to Boston, which for the moment they’re not able to do.’

The flea was seeking to appear to stand up to the bear! The UK, once it leaves the EU, will have to take what the US offers, unless the UK takes the road of the socialist revolution.

At the G7 summit, Johnson was asked if he had made it clear the NHS was not on the table. He replied: ‘Not only have I made clear of that, the president has made that very, very clear. There is complete unanimity on that point.’ In fact ex-US officials are already privatising the NHS and they are not going to stop there!

The crux of the matter is that leaving the EU is just the start. Attaching the UK to the USA is just the UK ruling class changing masters from Brussels to Washington.

The fact of the matter is that the capitalist system is up to its neck in debt worldwide, and is collapsing. The US ruling class, through Trump, is seeking to return the US to the position it had at the end of the Second World War when it was able to put Europe on rations and established its position as the unrivalled policeman of the planet.

Trump is now fighting a brutal trade war against China and the EU to ensure that they bear the brunt of the crisis and are forced back to the economic conditions of the 1930’s after the 1929 crash.

In fact China is fighting back and has threatened to take new countermeasures against the United States. The Chinese finance ministry announced on Friday that it would place additional tariffs of 5% or 10% on US imports worth $75 billion, starting September 1 and December 15. The new tariffs will target 5,078 products, including American soybeans, coffee, seafood and crude oil.

The ministry also announced plans to resume tariffs on US imports of automobiles and automobile parts. The tariffs would be 25% for vehicles or 5% on parts, and would take effect on December 15.

It is trade war and it is to the death, with the very existence of capitalism on the line. There is now a vast indebtedness, which has reached the point where the German Central Bank is loaning the government vast sums over a decade, at negative interest rates to try and keep the bankrupt system going.

Bernard Connolly writes in Saturday’s Daily Telegraph that ‘Bond yields are sharply negative in several countries. In Germany investors are actually paying the government 0.64% a year for the privilege of lending it for ten years; and it is estimated that globally bonds worth about $15 trillion (£12 trillion) are trading at negative yields.’

Writing of this debt nightmare he adds: ‘In short central banks have been and are, the useful idiots of Marxism and Communism.

‘Having got things wrong in response to the Nineties optimism, partly justified, about tech and about future incomes, they have distorted the key relationships in a capitalist society: the rate of interest, the rate of return on capital and the degree of consumer impatience (the rate by which people prefer consumption today to consumption tomorrow). A capitalist system (the clue is in the name) cannot function if those relationships are wrong.’ He asks: ‘Can the nightmare scenario be avoided? Yes it can.

‘But the conveyor belt to Communism on which the central banks have trapped us can be stopped and reversed only if real interest rates can be increased to match the rate of consumer impatience

‘But to do that without crashing the economy and provoking waves of default, the rate of return on capital and with it optimism about future incomes must be increased.’

He concludes that this objective must be achieved ‘do or die’. He is calling for the most vicious anti-working class struggle ever.

This is clearly not the time for posturing. The working class must now step forward to force the UK out of the EU on October 31 and bring in a workers government that will expropriate the bosses and bankers of the UK and bring in socialism and then Communism, showing the way forward for workers in the EU and the USA!