Demoralised Tories face an economic crash – put them out of their misery with socialist revolution

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THE COMPLETE demoralisation of the Tories has dominated the front pages of the bourgeois press, with reports that PM Boris Johnson is facing a ‘Cabinet backlash’ over the latest scandal engulfing the government over yet more sleaze allegations.

Ministers are reported to be evading at all costs the humiliation of attempting to publicly defend Johnson in radio and television interviews that one Cabinet minister described as ‘excruciating’ while a senior Tory MP, Roger Gale, bluntly told the BBC yesterday: ‘The Tory party cannot go on like this.’

The demoralisation gripping them however has an even greater driving force than all the accusations of law breaking and criminality over ‘partygate’ or the charges of sexual misconduct by leading Tories.

This is a Tory government in its death throes that is attempting to run an economy that is crashing into the twin crises of inflation and recession for which it has no answers. This has led to an unprecedented outpouring of equally demoralised articles in the staunchly Tory-supporting press.

Last Friday, the Daily Telegraph carried an article by Juliet Samuel headed: ‘Britain is in a far more terrible state than anyone is prepared to contemplate’.

Samuel let rip at the Bank of England for its ‘timidity’ by only increasing interest rates by 0.25% last month arguing that for the Bank Rate setters inflation still remains a transitory phenomenon.

According to Samuels, the Bank ‘drastically missed the boat on inflation and failed to head off the soaring prices we’ve seen this year.’

She maintains that the Bank is now less concerned with inflation which it believes is still a temporary phenomenon and is worrying instead that any more drastic increases in interest rates will plunge the economy into recession.

Samuel claims the Tories have seized on this unfounded belief that the worst of inflation is over to argue that it will soon fade away and that this can be used to ‘sway trade unions intent on securing huge pay rises’ away from strike action.

Samuel correctly believes both the Bank and the Tories are living in a fool’s paradise if they believe that inflation is not already ‘embedded’ in British capitalism warning that ‘fuel and food prices have triggered the dreaded spiral of rising wages feeding through to even higher prices.’

According to the reactionary theories of the ruling class economists, workers’ wage demands are responsible for embedding inflation into the economy, and Samuel gives a grudging nod to the Tories for ‘largely resisting the pressure’ but warns that ‘their resolve will be sorely tested by more strikes this year.’

In other words, the real struggle between workers and the Tories has only just begun as a massive wave of national strikes across the entire country is fast developing.

With the Tories collapsing along with the Bank of England in a state of public denial over the depth of the crisis, confidence in their ability to pull anything out of the bag and rescue British capitalism from both inflation and recession is fast disappearing amongst the ruling class.

Piling pressure on the economy even more is the collapse of the pound making imports more expensive and driving the price of oil and gas into the stratosphere.

The pound has fallen by 6.6% against the dollar this year making it one of the world’s most unstable currencies, leading the Bank of America to lump the pound in with currencies in the so-called ‘third world, emerging economies’.

In the face of this historic crisis for British capitalism, the ruling class are preparing to dump Johnson in favour of a more substantial leader of a government capable of taking on and defeating a powerful working class, and forcing workers to pay the cost.

With a collapsing Tory government, the time has come for the working class to resolve this crisis by putting Johnson and the Tories out of their misery by demanding the TUC immediately organise a general strike to kick them out and bring in a workers’ government that will resolve the capitalist crisis by expropriating the bosses and bankers as part of building a socialist planned economy.

Socialist revolution is the only way forward for the working class.