PaRCha - JNU - All Organisations - 2011 ID-52238
.
.21/1~ (zoll.
dilL EEL .
After the 2008 nose-diving of the US-economy into the deepest depression since the 1930s, the market pundits declaredthat the worst was behind. However, with its domino effect all over the world, this all-pervasive crisis is laying bare the perennial crisis ofthe imperialist world economy with its acute unequal distribution and profit maximisation. Subsequently, despite bailouts after bailouts the.
unemployment rate in the US as late as August 2011 was a staggering 17 percent -.
worst long-term unemployment since the GreatDepression of the 1930s. The efforts of the governments throughout the capitalist world were to nationalize the losses of the corporatesector with public money to prop up the fi~ancial elites whose profits as we all know are privatized. All the ills that had ailed the US economysince 2008 persists to haunt it in a scenario where more than 100US cities/states can go bust due to the deep debt crisis -99% of the GOP-that has ravaged the American way of life. The story of debt crises was never heard of in the imperialist countries. It was apreserve of theoppressed countries in the margins like the African, Latin American or Asian countries. But today it is shaking the imperialist world too andwithout rail its nerve centre -the US. With many of the showpiece US car industry and banking sector reporting bankruptcy the spectre of a.
double-dip shrinking o~ the imperialist world economy is fast becoming a reality creating shudders in the ruling classes. That the profitmongers of the imperialist world have hardly learned any lesson is evident from the fact that despite financialization of the world economybeing theprime reason for this worsening spiral of crisis, the silicon valley is facing yet another internet bubble-Face Book's market valueat$ 76 billion being more than that of Boeing and Ford's-so much for the anarchy of the economy. Unemployment has already crossed 10.
% in many EU countries. The debt crisis is spreading from Greece, Ireland, Portugal which have already got bailouts to Spain and Italy.Every country is being sucked into the_ whirlpool of the world economic crisis including China and India-the so-called 'emerging markets'.The deepening world economic crisis impoverishing millions of masses: As the spiralling crisis in the US economy is.
deepening the lone country that has made inroads into various markets has been the Chinese economy. China which is tracing the s~u:ne.
growth path of the imperialist countries has been recording high growth of GOP with an export-oriented industrial sector, tapping vast supplyof labour at cheap cost. The increasing hunger of Chinese expansion has put the geo-political rivalries between China and the US into anew high with the fault lines spreading to Central and South Asia as well as Africa. Along with this is the rejuvenation of the Russianeconomy which is ganging up with ~hina to snuff out US influence in the resource rich Central Asian countries. Further the stiffeningcompetiti_on ~ith Germany and France and Italy is also reflected in the increasing military aggression of US in countries like the West Asiaas is the case of Iraq, Libya, Syria etc. with the central Asian aggression in Afghanistan imploding and staring on the face of.JJS and UK.The moribund nature of imperialism manifested in criminal speculative !ogic-uf money multiplying fiJrther money reflected in the selling and .
buying of virtual assets has deepened the crisis ravaging the lives of the toiling masses in the world. The spiralling crisis hitting anew low isfurther exempfified in the debt crisis of the imperialist countries fed on a strong dose of deficit finance to pursue the logic of loot, plunder andoutright aggression as a form of domination. Today the debt of US is 99% of its GOP, Italy 133% of its GOP, Spain $928 billion, Japan 205% of its GOP which also shows the connivance of the ruling classes when they kept on fooling the people with false promises of thebooming economy to induce investments.Imperialism is facing the gravest challenge with internal contradiction inherent to capitalism threatening to explode thesystem itself. Many looked towards China for saving the world economy, with US-economy going bankrupt. However signs are alarming-inChina as well. In even early months of 2009, China started showing its vulnerability to the crisis. Copper prices in the world market crasheddown 23% as consumption of the metal in China became half. Gradually over last two years, the Chinese economy has slowed down withthe export market shrinking day by day with the crisis. Garment industry in China has been severely hit, so is plastic and othermanufacturing industries. Anything below 8% GOP growth for·China is going to be a fatal blow for the imperialist world economy. Like inUSA, in China too inequality in appropriation of wealth is widening. A vast section of the people has been thoroughly exploited and leftcompletely impovertshed in order to boost the export oriented economy. When all bail-out projects have hardly rescued any of the imperiafisteconomies with sharp rise of" unemployment and poverty, China is facing the same problem in their own domestic_market. However,moribund capitalism cannot solve this problem precisely because this inequality and exploitation is itsdriving force. .The only way out for the system seems to be imperialist aggressio.n. US which is losing its edge on the economic front, hasbeen trying to ensure control over market and resources either through an aggressive foreign policy of neo-colonialism or through directwar. The imperialist occupation and war in Afghanistan, Iraq and now Libya has been carried out with greater intensity and violence in orderto keep alive the world capitalist system that is already in coma. Oppressed countries like India already wreathing under the impact of crisishas been subject to acolonisation of resources. With India's once booming IT sector now being hit by the crisis, service sector is facing theimpact of the worldwide crisis. On the other hand agriculture, small-scale, cottage industries, retail are directly hit by the entry of FOI in the.
/ second phase of LPG. Land has been forcibly taken over, people are violently displaced to facilitate looting of resources or establishing SEZto open ways for exploitation of cheap labour. Comprador-feudal ruling classes of the countries like India have been complicit in suchmovement of the imperialist capital since their own survival more or less depends on the survival of their imperialist masters. The crisisamong these ruling classes is for all to see as is manifested in theform of huge scams.People are opposing this exploitative, dehumanizing system world-over in various forms. Widespread militant protests andstrikes by working people, students, and unemployed youth are raging all over Europe. In Latin America, North Africa and West Asia peoplehave forged solidarities and joined struggles against imperialism and its puppet regimes. Along with several other protests ~om sections of.
the masses in the US, 'Occupy Wall Street' protest has also seen a convergence of anti-capitalist forces demanding an end to theexploitative economic system. In India, oppressed peoples have come together under the leadership of revolutionaries to throw away thepresent oppressive semi-colonial semi-feudal structure and to build a new democratic society. The need of the hour is to forge a uniteduncompromising resistance to put an end to this blood~sucking moribund imperialist order and its apologists and agents in the subcontinent. .
.
PaRCha - JNU - All Organisations - 2011 ID-52238
.
.21/1~ (zoll.
dilL EEL .
After the 2008 nose-diving of the US-economy into the deepest depression since the 1930s, the market pundits declaredthat the worst was behind. However, with its domino effect all over the world, this all-pervasive crisis is laying bare the perennial crisis ofthe imperialist world economy with its acute unequal distribution and profit maximisation. Subsequently, despite bailouts after bailouts the.
unemployment rate in the US as late as August 2011 was a staggering 17 percent -.
worst long-term unemployment since the GreatDepression of the 1930s. The efforts of the governments throughout the capitalist world were to nationalize the losses of the corporatesector with public money to prop up the fi~ancial elites whose profits as we all know are privatized. All the ills that had ailed the US economysince 2008 persists to haunt it in a scenario where more than 100US cities/states can go bust due to the deep debt crisis -99% of the GOP-that has ravaged the American way of life. The story of debt crises was never heard of in the imperialist countries. It was apreserve of theoppressed countries in the margins like the African, Latin American or Asian countries. But today it is shaking the imperialist world too andwithout rail its nerve centre -the US. With many of the showpiece US car industry and banking sector reporting bankruptcy the spectre of a.
double-dip shrinking o~ the imperialist world economy is fast becoming a reality creating shudders in the ruling classes. That the profitmongers of the imperialist world have hardly learned any lesson is evident from the fact that despite financialization of the world economybeing theprime reason for this worsening spiral of crisis, the silicon valley is facing yet another internet bubble-Face Book's market valueat$ 76 billion being more than that of Boeing and Ford's-so much for the anarchy of the economy. Unemployment has already crossed 10.
% in many EU countries. The debt crisis is spreading from Greece, Ireland, Portugal which have already got bailouts to Spain and Italy.Every country is being sucked into the_ whirlpool of the world economic crisis including China and India-the so-called 'emerging markets'.The deepening world economic crisis impoverishing millions of masses: As the spiralling crisis in the US economy is.
deepening the lone country that has made inroads into various markets has been the Chinese economy. China which is tracing the s~u:ne.
growth path of the imperialist countries has been recording high growth of GOP with an export-oriented industrial sector, tapping vast supplyof labour at cheap cost. The increasing hunger of Chinese expansion has put the geo-political rivalries between China and the US into anew high with the fault lines spreading to Central and South Asia as well as Africa. Along with this is the rejuvenation of the Russianeconomy which is ganging up with ~hina to snuff out US influence in the resource rich Central Asian countries. Further the stiffeningcompetiti_on ~ith Germany and France and Italy is also reflected in the increasing military aggression of US in countries like the West Asiaas is the case of Iraq, Libya, Syria etc. with the central Asian aggression in Afghanistan imploding and staring on the face of.JJS and UK.The moribund nature of imperialism manifested in criminal speculative !ogic-uf money multiplying fiJrther money reflected in the selling and .
buying of virtual assets has deepened the crisis ravaging the lives of the toiling masses in the world. The spiralling crisis hitting anew low isfurther exempfified in the debt crisis of the imperialist countries fed on a strong dose of deficit finance to pursue the logic of loot, plunder andoutright aggression as a form of domination. Today the debt of US is 99% of its GOP, Italy 133% of its GOP, Spain $928 billion, Japan 205% of its GOP which also shows the connivance of the ruling classes when they kept on fooling the people with false promises of thebooming economy to induce investments.Imperialism is facing the gravest challenge with internal contradiction inherent to capitalism threatening to explode thesystem itself. Many looked towards China for saving the world economy, with US-economy going bankrupt. However signs are alarming-inChina as well. In even early months of 2009, China started showing its vulnerability to the crisis. Copper prices in the world market crasheddown 23% as consumption of the metal in China became half. Gradually over last two years, the Chinese economy has slowed down withthe export market shrinking day by day with the crisis. Garment industry in China has been severely hit, so is plastic and othermanufacturing industries. Anything below 8% GOP growth for·China is going to be a fatal blow for the imperialist world economy. Like inUSA, in China too inequality in appropriation of wealth is widening. A vast section of the people has been thoroughly exploited and leftcompletely impovertshed in order to boost the export oriented economy. When all bail-out projects have hardly rescued any of the imperiafisteconomies with sharp rise of" unemployment and poverty, China is facing the same problem in their own domestic_market. However,moribund capitalism cannot solve this problem precisely because this inequality and exploitation is itsdriving force. .The only way out for the system seems to be imperialist aggressio.n. US which is losing its edge on the economic front, hasbeen trying to ensure control over market and resources either through an aggressive foreign policy of neo-colonialism or through directwar. The imperialist occupation and war in Afghanistan, Iraq and now Libya has been carried out with greater intensity and violence in orderto keep alive the world capitalist system that is already in coma. Oppressed countries like India already wreathing under the impact of crisishas been subject to acolonisation of resources. With India's once booming IT sector now being hit by the crisis, service sector is facing theimpact of the worldwide crisis. On the other hand agriculture, small-scale, cottage industries, retail are directly hit by the entry of FOI in the.
/ second phase of LPG. Land has been forcibly taken over, people are violently displaced to facilitate looting of resources or establishing SEZto open ways for exploitation of cheap labour. Comprador-feudal ruling classes of the countries like India have been complicit in suchmovement of the imperialist capital since their own survival more or less depends on the survival of their imperialist masters. The crisisamong these ruling classes is for all to see as is manifested in theform of huge scams.People are opposing this exploitative, dehumanizing system world-over in various forms. Widespread militant protests andstrikes by working people, students, and unemployed youth are raging all over Europe. In Latin America, North Africa and West Asia peoplehave forged solidarities and joined struggles against imperialism and its puppet regimes. Along with several other protests ~om sections of.
the masses in the US, 'Occupy Wall Street' protest has also seen a convergence of anti-capitalist forces demanding an end to theexploitative economic system. In India, oppressed peoples have come together under the leadership of revolutionaries to throw away thepresent oppressive semi-colonial semi-feudal structure and to build a new democratic society. The need of the hour is to forge a uniteduncompromising resistance to put an end to this blood~sucking moribund imperialist order and its apologists and agents in the subcontinent. .
.