Translated "Avante!" article by Jorge Cadima, Member of the PCP International Department
The capitalism crisis has reached a downward spiral of unforeseeable consequences. “ Anew recession threats the globe,whilst the debt crisis increases”says Evans-Pritchard in the Telegraph (11.11.10), and writes: “the tax and monetary incentives, in the past two years have covered the underlying pathology within the West deeply indebted economies. This intense making-up ended by vanishing away, letting visible the terrible countenance it had hidden . One is living a difficult time . The risk of a synchronized sinking in Europe, USA and East Asia is already in itself very bad. What is frightening is to confront this eventuality when the monetary accelerator has been charged at length in the USA, Great-Britain and Japan”. In other words: since 2008, a great part of the world’s capitalism command centres created fictitious money in great amount in order to keep the capitalist economy on the surface. Besides, the patient has adverted it is sinking.
Within the Eurozone, austerity and dramatic budget cuttings have been privileged. The result is tragic. The peoples of many countries are being reduced to poverty, while the economy and the states are conducted unto bankruptcy. But the crisis spreads more and more. According to the Sunday Telegraph ( 11.11.12), the European Financial Stabilizing Fund (EFSF) created in order to administrate aid pack.gesfor the European banks, has not been able to sell the whole of its 10 year length bonds, this current week. The Fund itself, had “to purchase” a part. That is, the aid “mechanism” needs help. The EFSF was in bad form, what was clear during the European Summit at the end of October and decided to ask aid to China and the other BRICS for its financing, but had its request refused. The president of Brazil stated:” I have no intention of contributing directly for the EFSF. If they (the EU) are not ready to do it, why should I? “(in the Telegraph, 11.11.06).
The European great capital command centres’ despair is obvious. The successive summits ( even when postponed or unfolded ) decide nothing much. What is decided is worth, in general, a few days. The work hypothesis, unthinkable yesterday, are openly discussed currently. The economic and social crisis turns into a political crisis. One has assisted to two “ changes of regime”, in Greece and Italy, last week, monitored by the European centre. The victims were , in both cases, faithful performers of the great capital policies. But the weakness or hesitations ( in result of popular resistance ) in the accomplishment of their role, is a high price. The hysteria which surrounded the announcement of a referendum plan in Greece or the hypothesis of anticipated elections in Italy, proved that the “European project” headquarters is horrified with the peoples participation. The same occurred with the European Constitution / Lisbon Treaty’s imposition. Within the EU, not even the appearance of democracy is visible, currently. But instead, the great capital and the supranational EU open dictatorship. Monti, Italy’s appointed prime-minister, was an European Commissioner for 10 years, but is also the European president of the Trilateral Commission, where he has as a colleague, Papademos, the new Greek prime-minister, himself the European Central Bank ex- vice-president. Monti is a Goldman Sachs counsellor, a financial institution which controls a substantial part of the USA’s government and the new European Central Bank president belonged to its board of directors. Growing inter- imperialist contradictions reflect the crisis worsening. The director of a Berlusconi family newspaper refers Monti and Draghi saying: “ This is the band of criminals who have brought us this financial disaster. It is as if one asks the incendiaries to extinguish the fire” ( in the Financial Times, 11.11.13 ). And Evan -Pritchard asks the USA (and China) to “ crush” and “ subdue” Germany ( in the Telegraph, 11.11.09 ).
The great capital is lighting fire throughout the planet. And it has become more and more visible that a substantial part of the command centres are considering to unleash a disastrous military adventure of huge proportions. In the last days, the open threats against Iran and Syria have multiplied, as well as concerned alerts from those who fear the unforeseeable consequences of such an adventure. A capitalism in agony threatens once again Humanity with a tragedy.