“You can expect”, writes US economist Nouriel Roubini, “that the ongoing credit crunch will get much worse in the year ahead and its fallout will spread from the US to Europe and throughout Asia and the globe.
Where do profits come from? How can wage-labour reasonably be described as wage-slavery? If a worker makes a free contract, as an individual equal before the law, with an employer, isn’t that a fair day’s wage for a fair day’s work?
“Britain remains a nation dominated by class division”, reported the Guardian on 20 October. The division is dramatised by David Cameron’s Tory front bench, which includes no fewer than 15 men schooled at Eton. The Lib Dem leadership contest is being fought out by two men schooled at Westminster, a school almost as posh as Eton.
Alistair Darling’s pre-Budget statement on 9 October promised real wage cuts for public sector workers through to 2011, as well as choking back health and education spending and decreeing extra job cuts in the civil service, especially the Department of Work and Pensions.
Their triumphalism has been a little chastened. New Labour politicians these days are not quite as bold as Tony Blair was when he told Jeremy Paxman on BBC Newsnight before the 2001 election that he was not bothered about a widening gap between rich and poor.
Over the last several months, a crisis originating at the lower end of the US mortgage market has become, at least incipiently, a world credit crisis.
Some questions and answers on the Northern Rock collapse
I have two accounts with Northern Rock, which together contain most of my savings, so I have been spending much of the last few days thinking about what to do and consulting advisors, Marxist and non-Marxist, about it.
PORT-AU-PRINCE, Jul 24 (IPS) - Late last month, President René Préval announced that Haiti's public telephone company, Téléco, would be privatised. Meeting recently with the Haitian Chamber of Commerce and Senator Jean Hector Anacacis of Preval's Lespwa political party, the president finalised plans to sell off the aging enterprise.
Port – au – Prince ; le 11 Juillet 2007
Communiqué de Presse
Inquiétudes de la CTH face à la gestion du pays.
Après la bataille démocratique qu’ont menée les travailleurs et le peuple haïtien avec leurs bulletins de vote aux élections du 7 février 2007 ; où ils ont accouché un gouvernement dans l’idée d’éradiquer le chômage, la misère et l’insécurité.