THE International Monetary Fund’s Financial Stability Report has given its second warning in 24 hours about a new financial catastrophe that it sees coming but, like a hypnotised rabbit awaiting being devoured by a hungry snake, can do nothing to stop.
It warns of: ‘Other threats, such as a disorderly Brexit, that could also adversely affect market sentiment’, and could lead to a fragmentation in European money markets.
It is driven to urge the Bank of England to be ready to provide more Quantitative Easing – more electronic money not backed by any ‘value’ – that can only lead to an even greater indebtedness and an even bigger worldwide banking and monetary collapse.
It urged governments to resist attempts to roll back banking regulations put in place in 2008 to stop a similar financial crisis ever happening again Too little too late! President Donald Trump has already begun repealing banking rules in America, saying they are holding back bank lending to businesses.
The IMF accused market investors who, having seen the largest upward bull run in stocks in history, that they are now suffering from ‘complacency’ regarding the threat of a new economic shock to the capitalist system, and that a huge Bear will be replacing the runaway Bull.
It is terrified that the Central Banks are starting to fully withdraw the ‘Quantitative Easing’ stimulus that was put in place at the time of the 2008 financial crisis, and predicting this will lead to huge collapses of markets as free Quantitative Easing electronic money is terminated.
The Law of Value, brilliantly brought to light by Karl Marx, is now beginning to make itself felt with enormous force. The bankers and bosses, at the mercy of the laws of motion of their own capitalist system, are in disarray with their politicians screaming that the working class, which is still paying the full brunt of the 2008 crisis, will not allow the bankers and bosses to be rescued once again at their expense.
In fact, the working class will play its rightful role – also brilliantly grasped by Marx – as the gravedigger of the capitalist system, and bury it with a socialist revolution that will allow the productive forces to be commonly owned and developed in a planned economy where the rule will be: ‘From each according to their ability to each according to their need.’
Some of the greatest misleaders of the working class, ‘members of the labour lieutenants of capitalism’, are now screaming the loudest to warn their bourgeois masters. One Gordon Brown has now emerged to scream his warning in the Guardian newspaper. Brown was the Labour politician who boasted when he was Labour Chancellor of the Exchequer that he had buried Marx and resolved the capitalist boom to bust crisis.
He had deregulated the banks and was so confident that there was no law of value that he sold more than 50 per cent of Britain’s gold reserves. He was rewarded with the banking collapse of 2008, which was ‘dealt with’ by printing trillions of paper notes, supplemented by trillions of electronic symbols posing as money (Quantitative Easing). The working class has had to endure permanent austerity to pay off the debt. Now a new crash is emerging.
In yesterday’s Guardian he warned the Tories to get rid of Universal Credit or they will face a Poll Tax revolution of the type that brought down Thatcher. He is not trying to rescue just the Tories. He is once again trying to rescue capitalism from its growing crisis, in fact its death agony.
The truth is that the working class will not accept Universal Credit and will not accept the perpetual austerity that a new banking crash will bring. The working class will respond with a socialist revolution that will spread throughout Europe that is already in desperate crisis in Italy, Greece, France and even Germany.
The job today is to rapidly build the revolutionary leadership of the working class, the WRP in the UK and the Fourth International throughout the world.
Capitalism must be overthrown by the British, European and world socialist revolutions!