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Socialist Party of Great Britain - Capitalism In Crisis - A Route Map Leading Nowhere...

A Busted Brown

Brown boasted about the measures taken by the Labour government to end boom and bust as long ago as 1997.

As this extract from his first pre-budget report shows, it was something he considered to be a long-running problem, and not one confined to the Tories.

"For 40 years our economy has an unenviable history, under governments of both parties, of boom and bust.. so, against a background of mounting uncertainty and instability in the global economy, we set about establishing a new economic framework to secure long-term economic stability and put an end to the damaging cycle of boom and bust

". In his last budget as chancellor, Brown said "we will never return to the old boom and bust".

Quotations from CHANNEL 4 NEWS, October 17th 2008

G20: More Hot Air

After his failure to prevent boom and bust Gordon Brown now wants to be seen as the saviour of world capitalism

Agreements made at the G20 global financial summit in Washington provide a "route map" to economic recovery, Gordon Brown has said. The prime minister hailed as "historic" the G20’s statement to act together to reverse the global economic depression.

"By the actions we take, savings are safe, people will be able to keep their jobs, they will not lose their homes in all of our countries…These are extraordinary times and they require extraordinary measures (BBC NEWS 16.11.09).

Unfortunately for the Prime Minister many workers have already seen their savings fall to the lowest level for 50 years as a result of losing their jobs (THE INDEPENDENT ON SUNDAY, 1. 10.08) including ex-employees of Lehman Brothers who lost their savings when the company went bust, many have lost their homes with the number of repossessions in the second quarter of 2008 at 11,054, up 71% compared with a year earlier and 15,000 workers in the UK were made redundant in the week before the G20 summit (BBC NEWS 15.11.08).

The “route map” is held in the hands of politicians who have not a clue where they are going, who sit in a car which has no engine trying to drive along a road which leads to a dead-end. All the G20 world-leaders gave the world was empty rhetoric. You cannot drive a car on hot air. These are not “extraordinary times”. Capitalism has been in a depression in the past and is going through one now. And while the working class does not take conscious political action to replace capitalism with Socialism there will be trade depressions in the future. Instead of “extraordinary measures” the working class should be taking revolutionary measures to establish common ownership and democratic control of the means of production by all of society. .

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