THE BANK OF ENGLAND is now paving the way for the release of billions of pounds of paper currency into the collapsing UK economy in a desperate effort that will see it printing its paper currency into an even bigger crisis and a major banking collapse of capitalism.
The Bank of England is set to announce plans in the coming week for millions of pounds to be printed to ‘roll back’ the rules for ‘lenders’.
The Labour Chancellor, Rachel Reeves, is said to have been piling pressure on the Central Bank to print more money as the central banks are warning that ‘capital rules’ are becoming a drag on growth.
Regulators are particularly concerned that the current rules disproportionally hit firms heavily engaged in UK lending, and are now finalising to remove barriers that will free up more money for UK households and businesses.
Chancellor Rachel Reeves is due to press ahead with a deregulation drive at the annual Mansion House dinner.
As part of the plan, regulators are set to announce proposals to scrap a rule that currently prevents banks from sharing operational resources such as IT systems and legal services between their ring-fenced and non ring-fenced operations.
The rules were designed to ensure that retail operations could continue providing day-to-day services to their customers even if their investment divisions collapsed.
The Bank has however determined that separate regulations designed to ensure banking services are maintained will be sufficient.
It will consult on scrapping Rule 9.1 from its ring fencing rulebook which forces banks to have two sets of IT systems and legal services!
The working class however will not just stand by and watch as the Bank of England mobilises to see to it that the workers pay for the massive capitalist crisis that is developing, with their jobs, their wages, their living standards and their basic rights.
The TUC must be forced to call a Special Congress to discuss and to take action to defend the interests of the working class and the youth as the capitalist crisis develops.
Capitalism is digging own grave, and millions of workers are now convinced that what is required is a socialist revolution to dump capitalism into the dustbin of history, and replace it with the world socialist revolution and a worldwide socialist republic. Now is the time to organise for the World Socialist Revolution.
Immediately, the TUC must must be made to call a general strike to bring down the Labour government, and bring in a Workers Government that will nationalise the banks and the major industries, and bring in a planned socialist economy.
For the working class of the world, now is the time to organise general strike actions to bring down the capitalist governments and bring in Workers Governments and world wide socialism.
For workers and youth, now is the time to join the WRP and the Young Socialists and to build up the Fourth International to organise the victory of the World Socialist Revolution.
There is not a moment to lose. Now is the time to get rid of capitalism and to go forward to a World Socialist Republic whose maxim will be ‘From each according to their ability to each according to their need’.
This is the task that the revolutionary youth and the workers of the world are now facing – Capitalism has had its day and it must be replaced by the World Socialist Republic. There is not a moment to lose. Forward to the victory of the World Socialist Revolution!
