THE stock markets are crashing as the Tory government’s borrowing costs went soaring yesterday to a 15-year high, amid a global shares sell off triggered by rampant inflation. The prospect of more rises in Bank of England interest rates saw the FTSE 100 down by 2.17%, with stock markets predicting that more rate rises would see the biggest crash in the history of capitalism.
The capitalist system is heading for a disaster and this prospect has already torn the Tory Party apart with different factions battling for the leadership, while some are advocating a ‘New Party’.
The repeated rate rises and the prospect of having to deal with a working class that will not accept savage cuts has sent both the Labour and Tory party leaders into discussing how to make the working class pay for the emerging crash..
History has its lessons. After all, Oswald Mosley began as a member of the Labour Party, who was looked upon as a future Prime Minister. In 1931 he left Labour for ever to form the ‘New Party’ to ‘fight mass unemployment’.
This New Party rapidly turned into the British Union of Fascists, that sought a way out of the crisis, by destroying the power of the trade unions, emulating Adolf Hitler.
Mosley was the Labour MP for Smethwick in 1926, the year of the general strike and was Chancellor of the Duchy of Lancaster in the Labour government of 1929-31. He never became PM, instead in 1931, as the massive worldwide economic crisis emerged, he formed the the ‘New Party’ which became the British Union of Fascists in 1932.
Today with the Tory Party split divided and at each others throats, the cry has also gone up for a ‘New Party’, one that will make the UK ‘great again’ and put the working class in its place.
However, as the striking teachers are showing, the working class is the most powerful force in society. If properly led it is invincible. Yesterday, tens of thousands of teachers hit the streets in a long-running dispute with the government over pay and funding for schools.
The rail and bus trade unions have battled and struck and are still battling to make sure that the working class does not pay the price of the capitalist crisis, and is thrust back to the slave labour and the mass unemployment of the 1930s.
Nevertheless, the ruling class despite all of its divisions are determined to make the working class pay for the world crisis of capitalism, particularly the cost of their war against Russia being carried out in the Ukraine.
They are banking on the trade union leaders misleading the working class, and then betraying it, so that workers are forced to accept ending the right to strike and ending the right to demonstrate, the twin arms of working class power.
In fact the bosses and their would-be political leaders are banking on winning their war in the Ukraine. They are now to send cluster bombs. There is no doubt that if they are successful, they will come for the US, the UK and the French workers with all guns blazing to drive them back to the conditions of the 1930s.
The TUC sold out the general strike in 1926 and will do the same again if they are allowed to do so.
The ruling class will then go from its class war against the working class to a military conflict with Russia and China to win back their domination of the planet and its working people.
War preparations have already begun. The 500 million euro ($545 million) Act in Support of Ammunition Production – or ASAP – aims to increase the production of artillery shells and missiles throughout Europe.
Spanish Defence Minister Margarita Robles, who currently holds the rotating presidency of the European Union, said on Friday it was another sign of the EU’s unequivocal commitment to support Ukraine.
Brussels says it hopes to increase the bloc’s production capacity to one million shells a year within the next 12 months.
Now is the time for the US workers and the workers of Europe and the UK to unite and build sections of the Fourth International in every country.
These will lead the victory of the world socialist revolution, and consign capitalism to the dustbin of history!
